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TMI Blog2020 (3) TMI 79X X X X Extracts X X X X X X X X Extracts X X X X ..... e Learned advocate that there was confusion in the field and as per various decisions, trading activity was not considered to be an exempted service prior to April 2011. After 2012, with the introduction of negative list regime, the law was not very clear and in the absence of any specific evidence attributing to the mala fide intent of the appellant, it has to be held that there can be a bona fide belief on the part of the assessee, especially when the entire activities are being reflected in the Books of accounts - As such we hold that the demand for period beyond the normal period of limitation would be barred. The matter to the original adjudicating authority for re-quantification of the demand falling within the period of limitatio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ufacturing of their final product as also other trading activities, the Revenue entertained a view that inasmuch as the trading activity is an exempted service, the appellant is liable to discharge 5%/6% of the value of the such traded goods. Accordingly, proceedings were initiated against them by way of show cause notice dated 29 April, 2014 for the period April, 2009 to September, 2013 as also by another show cause notice dated 30 October, 2014 for the period October, 2013 to September, 2014. The said show cause notice culminated into two different orders in original passed by the adjudicating authority confirming the demands along with confirmation of interest and imposition of penalties. The appeals filed against the said orders stands ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... April 2011 he submits that there was absence of any mala fide of the appellant inasmuch as the entire activity was being reflected by them in their books of account and infact the audit has raised the objection based upon books of account and the said balance sheet. It is well settled law that once the entries, reflecting the activities are made in the books of accounts, no mala fide can be attributed to the assessee so as to invoke extended period of limitation. Reliance is made upon majority decision in the in the case of Compark E Services Pvt. Ltd. v. CCE, Ghaziabad - 2019 (24) G.S.T.L. 634 (Tri.-All.). 6. He further submits that with the introduction of the negative list regime in service tax, sale and purchase activity was exempte ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the trading activity to the notice of the Revenue. However, we find that admittedly the appellant was recording the entire activity in their balance sheet which is a proper document. As such according to the settled law, it cannot be said that the appellant suppressed anything with a mala fide intention. Apart from that, we also agree with the Learned advocate that there was confusion in the field and as per various decisions, trading activity was not considered to be an exempted service prior to April 2011. After 2012, with the introduction of negative list regime, the law was not very clear and in the absence of any specific evidence attributing to the mala fide intent of the appellant, it has to be held that there can be a bona fid ..... X X X X Extracts X X X X X X X X Extracts X X X X
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