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Whether the penalty under Section 76 of the Finance Act 1994 can be reduced below the limit prescribed by the section?

Dated:- 4-4-2015 - 20 - Interest and Penalty No. In the case of Port Officer [2010 (7) TMI 167 - GUJRAT HIGH COURT], it was held that so far as Section 76 of the Act is concerned, it is not possible to read any further discretion, further than the discretion provided by the legislature when legislature has prescribed the minimum and the maximum limits. The discretion vested in the authority is to levy minimum penalty commencing from one hundred rupees per day on default, subject to a cap of not .....

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