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2011 (2) TMI 412 - AT - Service TaxDemand - Manpower Recruitment Services - Penalty u/s 76 - Held that: - Hon'ble High Court has laid down the law that under Section 80 of Finance Act, 1994, penalty can be either waived or imposed as per law but there is no provision to reduce it, the appeal filed by the Revenue has to succeed. In this case, the penalty was reduced from Rs.44,600/- to Rs.10,000/- but as per Section 76 of Finance Act, 1994, penalty has to be either Rs.44,600/- or Nil, if it is considered that Bhawani had shown reasonable cause and therefore, discretion to waive penalty could be exercised. - Since assessee has not filed any appeal, decided in favor of revenue.
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