https://www.taxtmi.com/caselaws?id=362179 The Appellate Tribunal CESTAT MUMBAI ruled in favor of the appellant, setting aside the penalty imposed under section 78 of the Finance Act, 1994, due to regular tax payments. The tribunal determined that tax liability arises upon receipt of consideration, confirming interest liability for delayed tax payment. Penalties were deemed unjust and inappropriate, emphasizing the distinction between interest liability and tax recovery under section 73. The appellant's appeal was successful in challenging the imposition of penalties and clarifying the point of taxation rules for determining tax liability. en-us Tue, 29 May 2018 00:00:00 +0530 Thu, 28 Nov 2019 17:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=362179 The Appellate Tribunal CESTAT MUMBAI ruled in favor of the appellant, setting aside the penalty imposed under section 78 of the Finance Act, 1994, due to regular tax payments. The tribunal determined that tax liability arises upon receipt of consideration, confirming interest liability for delayed tax payment. Penalties were deemed unjust and inappropriate, emphasizing the distinction between interest liability and tax recovery under section 73. The appellant's appeal was successful in challenging the imposition of penalties and clarifying the point of taxation rules for determining tax liability. Case-Laws Service Tax Tue, 29 May 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=362179