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Whether the penalty under section 78 of the Finance Act 1994 can be reduced below the minimum limit prescribed by invoking section 80 of the Finance Act 1994?

Dated:- 4-4-2015 - 20 - Interest and Penalty No. In the case of Target Polymers Pvt. Ltd. [2010 (11) TMI 595 - GUJARAT HIGH COURT], it was held that on a conjoint reading of Section 76 and Section 80 .....

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to levy below the minimum prescribed, the appellate Court and the Tribunal cannot read the provision so as being vested with such powers, namely, to reduce the penalty below the minimum prescribed. T .....

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