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M/s. Khandwala Securities Ltd. Versus Commissioner of Service Tax, Mumbai-I

Extended period of limitation - Penalty u/s 78 - share broking services - Held that:- No case of contumacious conduct and/or deliberate default of provisions of Act or Rules is made out against the assessee. The transactions have been found to be duly recorded in the Books of Account, as found by the Audit party. Further, the appellants have immediately applied for amendment to registration certificate pursuant to Audit showing willingness to pay for difference in balance-sheet and ST-3 returns. .....

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ew of the matter, I hold neither extended period of limitation is attracted nor any penalty is imposable under Section 76 or 78. Upholding the impugned order in part, I further set aside the penalty under Section 78 as imposed in the impugned order. - Decided in favour of assessee. - Appeal No. ST/525 & 528/11 - Final Order No. A/1716-1717/2015-WZB/SMB - Dated:- 3-6-2015 - Hon ble Shri Anil Choudhary, Member (Judicial),J. For the Appellant : Shri Prayag Jha, Advocate, Shri R.K. Das, DC (AR) For .....

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n the business of providing various services like sale and purchase of share/security on which it earned brokerage and is also engaged in other activities being Corporate Advisory services and underwriting services, etc. The assessee is registered with the department since 1986 with respect to share broking services and have been paying tax regularly along with other compliances as prescribed. A show-cause notice dated 24.7.2002 was issued on the assessee stating therein that on scrutiny of prof .....

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rvice Tax for underwriting commission and for the Management Constant s service. The show-cause notice is also silent as to whether the assessee admitted its liability or not and/or whether reasonable opportunities were provided to the assessee for depositing the tax, if any, admitted by the appellant. Further, from the Order-in-Original and other documents on record, it is evident that the assessees have filed amendment in registration certificate on 14.8.2002 for inclusion of service like unde .....

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services and these services are classifiable under Banking and Other Financial Services for which the assessee has already registered on 17.12.2002, and the assessee have discharged Service Tax liability. It is further case of the appellant that they are providing underwriter s services since 1993. They have fully discharged their Service Tax liability on the services since the introduction of the tax liability on 16.10.1998, for underwriter s services. It is further pointed out that some amount .....

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Management Consultant Services and an amount of ₹ 6,90,000/- was confirmed under the Head Underwriter Services for the period 1998-99 and 1999-00, upholding the invocation of extended period of limitation. Further, interest was also directed to be paid under Section 75 and further penalty under Section 76 @ ₹ 100/- per day from the due dates of payment of Service Tax till the actual dates of payment of Service Tax was imposed and further penalty for concealment of particulars from t .....

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C account maintained with Union Bank of India and vide Notification No. 6/99-ST, the same was exempted from the Service Tax. He further found that part of the turnover on which tax was charged under Management Consultant s Service was actually covered under Banking and other Financial Service, which is introduced w.e.f. 16.7.2001. It was further found that the correct demand under the head Underwriter s service for the financial year 1998-99 is Nil and for the year 1999-00, an amount of ₹ .....

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there is no motive with an intent to evade tax. It was further observed that so far extended period is concerned, in respect of the other demand the services of Underwriting has been introduced w.e.f. 16.10.1998, as there was no doubt regarding the scope of the said service on part of the assessee, without reasonable cause have short deposited the Service Tax for underwriting service. Accordingly, the penalty under Section 76 was set aside as not called for, and penalty under section 78 was red .....

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ght. Further, no case of deliberate default is made out with an intent to evade payment of Service Tax as required for imposition of penalty. The learned Counsel further placed reliance to the following rulings of this Tribunal: - (i) Jubiliant Enpro (P) Ltd. Vs. Commissioner of Central Excise, Noida 2015 (38) STR 625 (Tri-Del) (ii) Palm Grove Beach Hotels Pvt. Ltd. Vs. Commissioner of Central Excise, Mumbai 2015 (38) STR 872 (Tri-Mum). (iii) Amravati Peoples Co-op Bank Ltd. Vs. Commissioner of .....

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