The ld. A.R. submits that penalties have been imposed because they did not pay in time the tax due. We find that there is no case for imposing penalty for an amount more than net tax liability. So the penalty under Section 78 is reduced to Rs. 18,889/-. Further, penalty under Section 76 is waived and also the appellant is given an opportunity to pay 25% of the penalty under Section 78 in 30 days of receipt of the order. If such payment is not made in such timeframe full penalty will be payable.

Circular NO. IMD/FII&C/18/2012, dated 20-7-2012 1. Vide SEBI circulars IMD/DF/14/2011 and IMD/FII&C/3/2012 dated August 09, 2011 and January 13, 2012, respectively, QFIs were allowed to invest in schemes of Indian mutual funds and Indian equity shares subject to terms and conditions mentioned therein. Subsequently, vide SEBI circular IMD/FII&C/13/2012 dated June 07, 2012 the QFI framework has been revised.

The Annual Membership fee and Certificate of Practice fee for the year 2012-13 became due for payment w.e.f. 1st April, 2012. The last date for payment of annual membership fee was 30th June, 2012 which has now been extended upto 31st August, 2012. Members who are yet to pay the fees are requested to pay the fee so as to reach the Institute latest by 31st August, 2012. The last date for payment of Certificate of practice fee is 30th September, 2012.

The Insurance Regulatory and Development Authority has introduced an online application that enables the user to compare coverages, exclusions etc. under non life insurance products currently being sold by different insurers in the market. The application currently lets users to browse through the different features of the products so as to enable them to decide that which products suits to them in the present scenario and in the future as their needs change over a period of time. In other words, this application has been developed with the objective of providing a mechanism for consumers/prospects to make informed decisions by comparing features of insurance products A user can access the information as follows. Please go to:

The RBI may do away with the regulatory forbearance regarding asset classification, provisioning and capital adequacy on restructuring of loan and advances in line with the international prudential measures. However, in view of the current domestic macroeconomic situation as also global situation, this measure could be considered say, after a period of two years. (Para 6.9)

The priority sectors are broadly taken as those sectors of the economy which, if not designated as priority sectors, may not get timely and adequate credit. Typically these are small value loans to farmers for agriculture and allied activities, micro and small enterprises, poor people for housing, students for education and other low income groups and weaker sections.

NOTIFICATION NO 61/2012 – Customs, (N T) Central Board of Excise and Customs hereby determines that the rate of exchange of conversion of each of the foreign currency specified in column (2) of each of Schedule I and Schedule II annexed hereto into Indian currency or vice versa shall, with effect from 20 th July, 2012 be the rate mentioned against it in the corresponding entry in column (3) thereof, for the purpose of the said section, relating to imported and export goods.

Notification No. 37/2012-Customs (ADD) ,In the matter of continuation of anti-dumping duty on imports of ‘Acetone’, originating in, or exported from, European Union, South Africa, Singapore and USA imposed vide notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 33/2008-Customs, dated the 11th March, 2008, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 174 (E), dated the 11th March, 2008, and had requested for extension of anti-dumping duty upto one more year, in terms of sub-section (5) of Section 9A of the said Customs Tariff Act;

Issue involved in this case is regarding the bona fide belief of the assessee during the relevant period. During the relevant period, the activity of receiving commission from the bankers for providing the help of identifying the purchasers of the vehicles and completing all the formalities was in dispute before the Tribunal. The said dispute got settled against the assessee. In my considered view, the appellant M/s. Rajesh Auto Finance/Shri Rajesh Biharilal Gandhi would have entertained a bona fide belief that the services rendered by them are not liable to service tax under the category of business auxiliary services.

Learned Advocate submits that lower authorities have also taken into account the Service Tax availed on the capital goods whereas the restriction of 20% utilisation is only in respect of the input service credit. He draws my attention to two precedent decision of the Tribunal in the same appellants case being BSNL v. CCE&C [2009] 21 STT 127 (Bang.-Cestat) and BSNL v. CCE [Final Order No. A/265/2011, dated 28-3-2011]. It stands held in the said decision that the restriction to use 20% of the credit in case of non-maintenance of separate Cenvat accounts for taxable and exempted services is only in respect of inputs service credit. Matter stands remanded to the lower authorities for segregating said credit falling on the input services as also on capital goods and to decide the matter afresh.