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2017 (4) TMI 853 - AT - Service TaxInvocation of section 73(4) of FA, 1994 - Levy of penalty - case of appellant is that the provisions of section 73(3) of FA, 1994 is squarely applicable to them, that with the insertion of Explanation 2 therein, the imposition of penalty is not warranted, that w.e.f. 10th May 2008 penalties u/s 76 and section 78 were mutually exclusive, and that section 80 of FA, 1994 should have been invoked - Held that: - the adjudicating authority has failed to record any evidence to demonstrate that there has been suppression with intent to evade tax and with the ingredients for imposition of penalty being conspicuously absent, there is no scope for recourse to section 73 (4) of Finance Act, 1994 to issue notice for confirmation of tax and for imposition of penalty - there was every reason to resort to section 73(3) of FA, 1994 to stop further proceedings consequent upon the payment of tax and interest in full - penalties set aside - appeal allowed - decided in favor of assessee.
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