https://www.taxtmi.com/caselaws?id=341255 The appellate tribunal ruled in favor of the appellant in a case involving the applicability of Explanation (c) in section 67 of the Finance Act, 1994 to tax held as payable under section 66A. The tribunal found that penalty provisions under section 76 were not intended to cover interest, leading to the setting aside of the penalty imposed on the appellant. The tribunal emphasized the distinction between tax liability determination and the point when tax becomes payable, ultimately allowing the appeal and setting aside the impugned order. en-us Fri, 04 Nov 2016 00:00:00 +0530 Tue, 07 Nov 2017 17:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=341255 The appellate tribunal ruled in favor of the appellant in a case involving the applicability of Explanation (c) in section 67 of the Finance Act, 1994 to tax held as payable under section 66A. The tribunal found that penalty provisions under section 76 were not intended to cover interest, leading to the setting aside of the penalty imposed on the appellant. The tribunal emphasized the distinction between tax liability determination and the point when tax becomes payable, ultimately allowing the appeal and setting aside the impugned order. Case-Laws Service Tax Fri, 04 Nov 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=341255