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of <h1>Karnataka HC upholds Tribunal decision on penalty under Finance Act, 1994</h1> The Karnataka HC dismissed the revenue's appeal against the Tribunal's decision to set aside a penalty under Section 78 of the Finance Act, 1994. The ... Penalty u/s 78 of the FA, 1994 - the assessee has paid the entire service tax with interest before the issue of SCN - invocation of Section 73 - Held that: - Once the duty and interest is paid and duly intimated to the authorities, sub-section (3) of the Section 73 comes into operation, which mandates that the authorities shall not serve any notice under sub-section (1) in respect to the amount so paid and initiate proceedings to recover any penalty - penalty set aside - appeal dismissed - decided in favor of assessee. The Karnataka High Court dismissed the revenue's appeal challenging the Tribunal's decision to set aside a penalty under Section 78 of the Finance Act, 1994. The assessee had paid the service tax with interest before the show cause notice was issued, which prevented further penalty proceedings. The Tribunal's decision was upheld as it was in accordance with the law, and no substantial question of law was found. The appeal and a related application for condonation of delay were both dismissed.
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