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2013 (10) TMI 638 - CESTAT BANGALOREPenalty u/s 76 - Held that:- Ongoing through the Annual Report submitted by the appellant, it is found that the appellant has made huge losses as claimed. Moreover, it is also found that there are lots of dues from the customers to the appellant. Under these circumstances, some lenient view is warranted as regards penalty imposed under Section 76 which is the only subject matter of dispute in this case at present - Therefore, if the appellant deposits an amount of Rs. 5,00,000 within six weeks, it would be sufficient towards predeposit.
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