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2007 (8) TMI 337 - CESTAT, MUMBAISection 80 read with section 76 – waiver of penalty – held that - section 80 of the Finance Act, 1994 which provides that “Notwithstanding anything contained in the provisions of sections 76, 77, 78 and 79, no penalty shall be imposable on the assessee for any failure referred to in the said provisions, if the assessee proves that there was, reasonable cause for the said failure” - on consideration of sections 76 and 80, there is discretion in the authority of not imposing penalty – penalty under section 76 reduced to Rs. 1,00,000 (Rupees one lakh only). However, the penalty under section 77 is upheld
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