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Penalty Not Applicable if Service Tax Liability Reversed; Section 73(3) of Finance Act 1994 Precludes Show Cause Notice Issuance.
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....Levy of penalty - if an amount of service tax liability on CENVAT credit is reversed on being pointed out by the departmental officers, provisions of Section 73(3) of the FA, 1994, gets attracted and SCN was not to be issued - AT....