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<h1>Appellate Tribunal waives penalties under Finance Act, 1994</h1> The Appellate Tribunal CESTAT, Chennai waived penalties imposed on the appellants under sections 76, 77, and 78 of the Finance Act, 1994. The appeal was ... Penalties u/s 76, 77 and 78 - the appellants states that the appellants were not aware that there was service tax liability on them as recipients of the GTA service - As soon as the same was pointed out to them, they have paid the service tax and interest on the full value of the service - Appellants' ignorance is obvious from the fact that though they could have claimed 75 per cent abatement, they had not done so - Hence, it to be a fit case to be covered under section 80 of the Finance Act, 1994 - The appeal is allowed in favour of assesee. The Appellate Tribunal CESTAT, Chennai waived penalties imposed on the appellants under sections 76, 77, and 78 of the Finance Act, 1994. The appellants paid service tax and interest upon realizing their liability. The lower appellate authority considered it a fit case for coverage under section 80 of the Finance Act, 1994. The appeal was allowed.
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