TMI Blog2007 (8) TMI 337X X X X Extracts X X X X X X X X Extracts X X X X ..... e on the assessee for any failure referred to in the said provisions, if the assessee proves that there was, reasonable cause for the said failure” - on consideration of sections 76 and 80, there is discretion in the authority of not imposing penalty – penalty under section 76 reduced to Rs. 1,00,000 (Rupees one lakh only). However, the penalty under section 77 is upheld - ST/40 OF 2003 - A/1217 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t there was, reasonable cause for the said failure", to reduce the penalty imposed upon the appellants by noting that interest amount paid was about 40 per cent of the Service Tax and, therefore, any pecuniary advantage gained by the appellant is neutralized. The revenue has challenged this decision by filing Central Excise Appeal No.213 of 2006 before the Hon'ble Bombay High Court which by its Or ..... X X X X Extracts X X X X X X X X Extracts X X X X
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