2015 (1) TMI 38

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..... before BIFR (Board for Industrial and Financial Companies) in the year 2001 declaring as sick company under Section 3(1)(a) of the Sick Industrial Companies (Special Provisions) Act, 1985 - It is no doubt true that the default is with reference to the period from October 1999 to March 2003. It is also a matter of record that the assessee had paid service tax for the period from April 2002 to March .....

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..... appeal, the High Court passed the following order : The Revenue is on appeal as against the order of the Customs, Excise and Service Tax Appellate Tribunal, Chennai Bench raising the following questions of law : 1. Whether the declaration of the first respondent as a sick industry with effect from 31-12-2000 by the BIFR could be construed as reasonable cause for the purposes of invoking .....

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..... tion 76, penalty levied could not be sustained. It is no doubt true that the default is with reference to the period from October 1999 to March 2003. It is also a matter of record that the assessee had paid service tax for the period from April 2002 to March 2003. 3. Considering the financial constraint that the assessee had undergone and on satisfaction that sufficient cause shown by the asses .....

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