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2017 (4) TMI 592 - CESTAT CHENNAILevy of penalty - Failure to pay tax - financial difficulty - repeated failure - demand of duty, interest and penalty - Held that: - While the appellant is doubtlessly a sick unit, they have also got into the habit of not only making payments belatedly, but also expecting every time, waiver of penalty amounts. In the instant case, they have also not discharged their interest liability - the full waiver of penalty imposed on them would be unjust to Revenue and to the exchequer. However, keeping in mind that financial difficulties of appellant have escalated to a point that they have had applied to BIFR for financial rehabilitation, there is a case for granting partial reduction of the penalty amount. Accordingly, the penalty amount is reduced to ₹ 6,00,000/- - appeal disposed off - decided partly in favor of appellant.
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