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2008 (11) TMI 127 - CESTAT, MUMBAITax collected but not deposited with Government for four years – plea of financial losses, not acceptable - respondents have not brought out any genuine reasons for not depositing the tax with the Government - no case for reducing the penalty has been made out - revenue contention that the penalty u/s 76 which cannot be less than Rs. 200/- per every day is a mandatory penalty, is acceptable – Commissioner is not justified in reducing the penalty from minimum imposable – revenue’s appeal allowed
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