2018 (9) TMI 1065

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..... sions of Section 78A at the material time. Held that:- During the disputed period, Section 78A ibid was not incorporated in the statute and the same was inserted by Finance Act, 2013 with effect from 10th May 2013 - the provisions of Section 78A ibid cannot be invoked for imposition of penalty on the employees for the offence committed by the company - Appeal allowed - decided in favor of appel .....

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..... te book by the Finance Act, 2013, with effect from 10th May 2013. Accordingly, the appellants submit that since Section 78A ibid was brought into the statute book on 10th May 2013, penalty cannot be imposed on the employees of the company by invoking the non-existent provisions of Section 78A at the material time. 4. I find force in the submissions of the appellants that during the disputed p .....

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