https://www.taxtmi.com/caselaws?id=368248 The Tribunal set aside penalties imposed on the appellants for non-payment of Service Tax under reverse charge mechanism. The appellants, engaged in financial services, paid the tax in good faith believing the services were not taxable in India. The Tribunal found their belief reasonable, considering previous legal decisions and settled law on the issue. Acknowledging the payment made under reverse charge, the Tribunal invoked Section 80 of the Finance Act, 1994, canceling the penalties and partly allowing the appeal. This case clarifies penalty application under Section 80 when Service Tax liability is not disputed but there are genuine reasons for non-payment under reverse charge. en-us Thu, 26 Jul 2018 00:00:00 +0530 Fri, 05 Oct 2018 07:37:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=368248 The Tribunal set aside penalties imposed on the appellants for non-payment of Service Tax under reverse charge mechanism. The appellants, engaged in financial services, paid the tax in good faith believing the services were not taxable in India. The Tribunal found their belief reasonable, considering previous legal decisions and settled law on the issue. Acknowledging the payment made under reverse charge, the Tribunal invoked Section 80 of the Finance Act, 1994, canceling the penalties and partly allowing the appeal. This case clarifies penalty application under Section 80 when Service Tax liability is not disputed but there are genuine reasons for non-payment under reverse charge. Case-Laws Service Tax Thu, 26 Jul 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=368248