https://www.taxtmi.com/caselaws?id=410248 The Tribunal allowed the appeals, setting aside the orders imposing penalties and interest under Sections 76, 78, and 75 of the Finance Act, 1994. It held that liquidated damages for contractual defaults do not constitute consideration for a service under Section 66E(e) of the Finance Act, 1994, and therefore, no service tax is payable on such amounts. Consequently, the penalties and interest imposed were deemed unsustainable and annulled. en-us Mon, 26 Jul 2021 00:00:00 +0530 Sat, 15 Jan 2022 13:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=410248 The Tribunal allowed the appeals, setting aside the orders imposing penalties and interest under Sections 76, 78, and 75 of the Finance Act, 1994. It held that liquidated damages for contractual defaults do not constitute consideration for a service under Section 66E(e) of the Finance Act, 1994, and therefore, no service tax is payable on such amounts. Consequently, the penalties and interest imposed were deemed unsustainable and annulled. Case-Laws Service Tax Mon, 26 Jul 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=410248