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Issues: Whether the penalty imposed under Section 77 of the Finance Act, 1994 was liable to be set aside in view of the time granted by the High Court for compliance by practising Chartered Accountants.
Analysis: The appellant filed the return within two months from the date of the High Court's order, which had granted time to practising Chartered Accountants to complete the requisite formalities and pay arrears of service tax and had expected the department not to take penal action. In these circumstances, the imposition of penalty was not justified.
Conclusion: The penalty was set aside and the issue was decided in favour of the assessee.
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