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2015 (9) TMI 684 - CESTAT MUMBAIImposition of penalty - Delay in filing returns - Held that:- Rule 7C read with first proviso makes it abundantly clear that the maximum penalty that can be imposed under the said Rule is the one prescribed under Section 70. During the impugned period i.e. April 2008 to March 2011 the maximum penalty that could be imposed under Section 70 was ₹ 2,000/-. Therefore, in respect of six returns, the maximum penalty that could have been imposed was only ₹ 12,000/- and not more than that amount. Since one return has been filed in time, penalty is liable only on five returns and thus the total liability to penalty is only ₹ 10,000/-. Inasmuch as the appellant has paid the said amount, there is no further liability to penalty. - Penalty is upheld - Late fees is set aside - Decided partly in favour of assessee.
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