Home Highlights November 2011 Year 2011 This

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1. Penalty for violation of Section 15HB of SEBI Act, 1992 - justification for the Tribunal to reduce the penalty below Rs. 1,00,000/- which is the minimum as permissible -...

2. Waiver of loan amount - when a portion of the loan is waived, the total amount of loan shown on the liabilities side of the balance sheet is reduced and the amount shown...

3. Reversal of Credit availed but not utilized - penalty waived but demand of interest confirmed - HC

4. Penalty u/s 76 & 78 - waiver of penalty u/s 80 - C&F Service - inclusion of reimbursements of expenses - there were divergent views on the issue - penalty waived - AT

5. IT- waiver of penalty – no appellate remedy available – HC accepts writ petition

6. Penalty - Confiscation of foriegn currency - carrying currency in excess of prescribed limit - penalty reduced - AT

7. Benefit of Amnesty Scheme - Penalty levied u/s 271D and 271E - When a specified sum is so provided as the penalty, such specified sum is the minimum penalty payable....

8. Waiver of Penalty u/s 80 - Whether ignorance of law can be a reasonable cause for allowing benefit of waiving penalties under Section 80 of the Finance Act, 1994 -...

9. The impact of imposing penalty and purpose of reduced penalty not fulfilled - deterring the appellant from repeating the offence - Continued violation of policy...

10. Quantum of penalty u/s 114 of CA - Power of Commissioner (Appeals) to reduce the penalty - It is not the case that penalties imposed under the provisions is a mandatory...

11. Benefit of reduced penalty - penalty not deposited - get the benefit of reduced penalty of 25% of the service tax (ST) u/s 78(1) of the FA, 1994, assessee required to...

12. Redemption fine and penalty - There is indeed violation of Foreign Trade Policy that despite the minimum import price fixed by the DGFT, the appellant have imported the...

13. CENVAT Credit - Penalty - even though the amount is paid before issuance of show cause notice as per the proviso to Section 11A invoked, penalty cannot be reduced nor waived.

14. Power to waiver of mandatory pre-deposit - Section 129E does not empower the Tribunal or the Commissioner (Appeals) to waive the pre-deposit or to reduce the pre-deposit.

15. Levy of penalty in case of professional or other misconduct - minimum penalty reduced from ₹ 10 lakh rupees to 5 lakh rupees - Section 132(4) of the Companies Act, 2013