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2014 (12) TMI 327 - CESTAT MUMBAIPenalty u/s 78 - Default due to ill management of sick industrial unit - Held that:- It is a case of sick industrial unit. The default had occurred during the management of sick industrial unit. The unit was taken over but the appellant could not run it profitably and accordingly they surrendered the lease after a period of about 17 months. It is evident that the appellant was somehow trying to run the sick unit which resulted in unintentional default in service tax. In view of the above, it is a fit case for invoking the provisions of Section 80 and setting aside the penalty under Section 78 of the Finance Act. Thus, the penalty under Section 78 is set aside - Decided in favour of assessee.
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