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Judgment
The total duty demand involved in all the stay petitions and the appeals is to the tune of around Rs.l0,85,547/- which the appellant have deposited.
As such, we waive the condition of pre-deposit of penalty and allow all the stay petitions.
At this stage, both the sides agree that the issue involved stands decided by the precedent decision of the Tribunal in the appellant's own case
reported as Madhav nagrik Sahakari Bank Ltd. Vs. CCE, Indore-I reported in 2012 (27) STR 352 (Tribunal-Delhi). The issue involved is as to
whether the services provided by the appellant are covered by the service category of Banking and other Financial services. The Tribunal in the above
referred judgement has held that the appellant is liable to pay service tax under the said category and have accordingly confirmed the service tax
demand but set aside the penalties imposed upon the appellant on the ground that the issue involved was interpretation of law.
By following the above decision, we confirm the service tax liability on the appellant but set aside the penalties imposed upon them under Section 78
of the Finance Act, 1994. In terms of the same decision, however, penalties imposed under Section 76 and Section 77 of the Finance Act are upheld.
All the stay petitions as also appeals get disposed of in above manner.