TMI Blog2015 (5) TMI 174X X X X Extracts X X X X X X X X Extracts X X X X ..... t by the Central Excise Officers, no show-cause notice is required to be issued as per provisions of Section 73(3) of the Finance Act, 1994. We also find that the appellant could have entertained a bonafide belief that such funds which are raised under ECB and amount paid by them to the foreign bank, may not be covered under the tax net. In our considered view, this is a fit case for invoking prov ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e records, it transpires that the service tax liability has been fastened upon the appellant on the ground that they have not discharged the service tax liability under reverse charge mechanism for an amount paid by them under the category of Banking and other Financial Services' and have raised funds through External Commercial Borrowings (ECB). 4. Learned D.R. submits that their appeal i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... unt paid by them to the foreign bank, may not be covered under the tax net. In our considered view, this is a fit case for invoking provisions of Section 80 of the Finance Act, 1994. We set aside the penalty imposed by the lower authorities by invoking the provisions of Section 80 of the Finance Act, 1994. Since we invoked the provisions of Section 80 of the Finance Act, 1994, we hold that Revenue ..... X X X X Extracts X X X X X X X X Extracts X X X X
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