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2014 (3) TMI 129 - BOMBAY HIGH COURTPenalty u/s 11AC - Whether in the facts and circumstances of the case and in law, the Tribunal is justified in reducing the penalty imposed under Section 11AC of the Act having regard to the mandatory language of Section 11AC of the Act - Held that:- Tribunal has upheld a finding of fact of the authorities below that there was an intention on the part of the assessee to evade payment of duty on due date. Thus, equivalent penalty under Section 11AC of the Act was warranted. However, purporting to exercise its discretion, the Tribunal has by the impugned order reduced the penalty - However, in the present facts and circumstances of the case there is no need of remand as authorities under the Act have already given a finding of fact that there was an intention to evade the duty on the part of the Respondent-Assessee - Decided in favour of Revenue.
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