https://www.taxtmi.com/caselaws?id=760866 The HC ruled that while the appellant was liable to pay service tax on banking and financial services, no penalty was imposable. The court found the appellant took a bonafide stand regarding non-payment of service tax on penal charges, noting the definition of banking services was altered in 2004. Since the appellant paid service tax within 115 days of receiving the show cause notice and there was no evidence of wilful suppression, the extended limitation period under Section 73 was not applicable. The appeal was partly allowed, with the appellant required to pay only interest under Section 75 within thirty days. en-us Fri, 27 Sep 2024 00:00:00 +0530 Mon, 28 Oct 2024 17:39:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=760866 The HC ruled that while the appellant was liable to pay service tax on banking and financial services, no penalty was imposable. The court found the appellant took a bonafide stand regarding non-payment of service tax on penal charges, noting the definition of banking services was altered in 2004. Since the appellant paid service tax within 115 days of receiving the show cause notice and there was no evidence of wilful suppression, the extended limitation period under Section 73 was not applicable. The appeal was partly allowed, with the appellant required to pay only interest under Section 75 within thirty days. Case-Laws Service Tax Fri, 27 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=760866