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Credit of st paid on penalty??

This query is : Resolved 
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(Querist)
04 May 2014 Sir,
If in a manufacturing concern Service tax is paid on Bank penalty charges, will it's credit be allowed under banking and other financial service.

is there any rule regarding this?
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Annu Agarwal

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Annu Agarwal (Expert)
04 May 2014 Sir
As per my view service tax credit shall not be allowed,because the penal charges were charged on account of some mis-compliance and not for providing any input service.Therefore service tax credit shall not be allowed.
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