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TMI Blogpenalty under section 78X X X X Extracts X X X X X X X X Extracts X X X X ..... penalty under section 78 X X X X Extracts X X X X X X X X Extracts X X X X ..... ax not-paid or short-paid, why do the adjudicating authorities not adjust the tax amount already paid while imposing penalty under section 78. E.g. In one case the assessee had deposited 18 lakhs unde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r VCES. The department found that the total liability was 40 lakhs during the alleged period. In this case scn was issued for 40 lakhs and sought appropriation of 18 lakhs. The adj. authority confirme ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d 40 lakhs, appropriated 18 lakhs and imposed penalty of ₹ 40 lakh under section 78 when the fact is that only 22 lakhs was short declared.How far is adj authority correct in imposing 40 lakhs p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... enalty. Reply By KASTURI SETHI: The Reply: Sir, You are absolutely right. It is gross injustice against the party. What I think it is due to false declaration under VCES which is a very serious off ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ence. Any defaulter was supposed to file true declaration under VCES. However, as per Section 111(3), procedure of Section 73 and 73 A is to followed. Regarding excess penalty only appeal is the remed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y. Hope the assessee can get justice from the Appellate Authority. X X X X Extracts X X X X X X X X Extracts X X X X
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