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2011 (4) TMI 916 - CESTAT, CHENNAIReduction in the penalty as per Section 78 of the Finance Act, 1994 - Held that:- Commissioner (Appeals) has reduced the tax amount and hence the respondents cannot take advantage of the provision under the fourth proviso to Section 78. Having not paid the penalty amount within one month from the date of the Order-in-Original even though the legal provision was clearly brought to the notice of the respondents the respondents cannot be given the benefit of paying 25% of the reduced penalty. Thus the respondents are required to pay penalty of Rs.40,692/- equal to the reduced tax amount determined by the lower appellate authority - in favour of revenue.
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