2010 (12) TMI 417

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.... S.K. Bhaskar for the Respondent. ORDER 1. Learned counsel submits that "Banking and other Financial Services" as "Merchant Banking Services" alleged to have been availed by the appellant for the period from September, 2006 to August, 2007 imposing service tax liability as recipient of such service was not required to be adjudicated because when above service was made taxable from 19-4-2006....

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.... 3. Heard both sides and perused the record. 4. There is no difficulty to understand that incidence of levy under aforesaid category fastened liability on the appellant from 19-4-2006 by Notification No. 10/2006-ST dated 19-4-2006. The liability that has been incurred by the appellant is for the period soon after two months of the Implementation of the law. Secondly, it is a case where there i....

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.... to evade tax due. There was no loss of revenue caused by Appellant. But it was a case of postponement of liability. In absence of elements to levy penalty, there exists reasonable cause to waive penalties under section 80 of the Finance Act, 1994. 6. Learned D.R. submitted that when there was default to pay service tax at least the Appellant should suffer penalty under section 76 of the Financ....