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<h1>CESTAT Chennai: Penalty under Finance Act Set Aside, Recalculation Ordered</h1> The Appellate Tribunal CESTAT, Chennai allowed the appeal, setting aside the penalty imposed under section 76 of the Finance Act, 1994. The penalty was ... Penalty - The assessees challenge the penalty of Rs. 1,90,696 imposed under the provisions of section 76 of the Finance Act, 1994. The period of dispute is April, 2006 to September, 2006. assessee contended that liability to penalty arose only when it failed to pay tax after receipt of service tax from its clients. Held that - thus the penalty set aside. The Appellate Tribunal CESTAT, Chennai allowed the appeal challenging a penalty of Rs. 1,90,696 imposed under section 76 of the Finance Act, 1994 for the period of April 2006 to September 2006. The penalty was set aside and directed to be recalculated as the service tax was collected from customers only between October 2006 and October 2007. The appeal was allowed by way of remand for a fresh order after giving the assesses a reasonable opportunity to be heard.
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