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TMI Blog2009 (3) TMI 114X X X X Extracts X X X X X X X X Extracts X X X X ..... ceived from the Financial Institutions is not subjected to service tax and as soon as they came to know about the liability of service tax, they had paid. Therefore, in view of the fact that the appellants have voluntarily paid the service tax with interest before issue of show-cause notice – penalty set aside. - ST/207 of 2008 - A/532/WZB/AHD of 2009 - Dated:- 2-3-2009 - B.S.V. MURTHY, TECHNIC ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ith interest before issue of show-cause notice and Commissioner (Appeals) set aside the penalties imposed on them under sections 76 77 of Finance Act, 1994. However, he confirmed penalty of Rs.11,492 under section 78 of Finance Act, 1994. Hence the appeal. 2. Heard both the sides. Shri Vipul Kandhar, Ld. Chartered Accountant on behalf of the appellants submits that there was a lot of confusi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rd, he submits penalty under section 78 may be set aside by extending benefit of section 80 of Finance Act, 1994. 3. I find considerable force in the arguments advanced by the Ld. Chartered Accountant and keeping in mind the facts and circumstances explained by him, I feel this a case deserving relief of penalty under section 78 by exercising powers of section 80. Accordingly, I set aside pena ..... X X X X Extracts X X X X X X X X Extracts X X X X
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