https://www.taxtmi.com/caselaws?id=248340 The court set aside the penalty imposed under section 76 of the Finance Act, ruling in favor of the appellant. The delay in depositing service tax liability under the new company's name, due to a change in ownership, was considered justifiable. The appellant's prompt communication with the Revenue, payment of the service tax along with interest, and lack of malafide intention led the court to conclude that penalties were unwarranted. The judgment emphasized the significance of timely compliance and genuine efforts in meeting tax obligations to avoid unnecessary penalties. en-us Thu, 17 Apr 2014 00:00:00 +0530 Tue, 02 Dec 2014 15:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=248340 The court set aside the penalty imposed under section 76 of the Finance Act, ruling in favor of the appellant. The delay in depositing service tax liability under the new company's name, due to a change in ownership, was considered justifiable. The appellant's prompt communication with the Revenue, payment of the service tax along with interest, and lack of malafide intention led the court to conclude that penalties were unwarranted. The judgment emphasized the significance of timely compliance and genuine efforts in meeting tax obligations to avoid unnecessary penalties. Case-Laws Service Tax Thu, 17 Apr 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=248340