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2016 (2) TMI 1035 - AT - Service TaxImposition of penalty u/s 76 and 78 of the FA - delayed payment of tax - financial difficulties - Held that: - The poor financial situation of the appellant company is established by the documents submitted by the appellant - The Tribunal in the case of Ramanasekar Steels Ltd Vs CCE Chennai [2007 (10) TMI 28 - CESTAT, CHENNAI] exonerated the appellants from the penalty imposed u/s 76 as the company was not in a position to discharge the liability of tax, as the company was declared as a sick company - penalty set aside - appeal allowed - decided in favor of appellant.
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