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TMI Blog2013 (3) TMI 423X X X X Extracts X X X X X X X X Extracts X X X X ..... t was under bonafide belief that such transaction would not attract Service Tax. Held that :- After hearing both sides, Tribunal find that the issue involved in the appeal is non payment of Service Tax on “Vyaj Badla Transactions”. Tribunal find that the demand is for the period from 1995-96 to 1996-97 and the show-cause notice was issued on 12.03.2001. Tribunal also find that for the period up ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s.2,09,298/- for the period from 1995-96 to 1996-97 as confirmed in Order-in-Appeal dated 30.12.2010. The penalty also imposed equal to tax amount under Section 78 of the Finance Act, 1994 by the original adjudicating authority and penalty amount has been reduced by the Commissioner (Appeals) as the proprietor of the firm died on 23.05. 2009. 2. The issue involved in the appeal is that the appli ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ubmitted that demand is on amount collected as Vyaj Badla Transactions . At that time there was confusion prevailing in the market and applicant was under bonafide belief that such transaction would not attract Service Tax. He further contended that the brokerage was brought under the net of Service Tax on 01.07.1994 and there was no clarity about the taxability of such Vyaj Badla Transactions . ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rong case for granting stay to them. 4. Learned Deputy Commissioner (Authorised Representative) appearing for the Revenue reiterated the findings of lower authorities. She submitted that the proprietorship concern was looked after by the same person. In the Balance Sheet they have shown the amount collected from Vyaj Badla Transactions but did not pay Service Tax on that amount. Accordingly, S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pplicant has a strong prima facie case in their favour on the ground of limitation as well as on account of conversion of proprietorship concern to a Pvt. Ltd. Company on 26.12.1997. Accordingly, the pre-deposit is waived and stay is granted against the recovery of the Service Tax amount, interest and penalty during pendency of the appeal. 6. Stay petition is allowed. (Dictated in Court) - ..... X X X X Extracts X X X X X X X X Extracts X X X X
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