Service tax demand on regulatory body fees under negative list regime dismissed; no penalty u/s 78 of Finance Act, 1994.

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....Demand of service tax - SEBI - ‘negative list regime’ - demand of tax on the fees collected - We cannot but withhold our ascertainment of the legality of the claim made by the appellant before us. - it is difficult to conceive of any motive in not complying with tax liabilities. There is also no allegation of suppression or misrepresentation by the appellant. - The demand for the period beyond normal limitation, therefore, does not sustain - Consequently, the penalty under section 78 of Finance Act, 1994 is set aside. - AT....