2014 (4) TMI 958

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..... vice tax. The service tax immediately paid along with interest. Thereafter, show-cause notice was issued. In these circumstances, we find that there is no intention on the part of the appellants to evade payment of tax and appellants were under the bonafide belief that the appellants were paying appropriate tax. It was only during the audit, certain discrepancy was found. In view of this, we find .....

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..... g. The appellants are not challenging the demand. The appellants are only challenging the penalty imposed under sec. 76, 77 78 of the Finance Act. The appellants are registered with the Revenue authorities as provider of Banking and Financial Services under clause (12) sec. 65(1) of the Finance Act and paying appropriate tax and also filing statutory returns. 3. During audit, it was found tha .....

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..... hat Sec.80 of the Finance Act provides as under:- Sec. 80. - Notwithstanding anything contained in the provisions of section 76, section 77 or first proviso to sub-section (1) of section 78, no penalty shall be imposable on the assessee for any failure rendered to in said provisions, if the assessee proves that there was reasonable cause for the said failure. 6. From the records, we .....

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