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Issues: Whether pre-deposit of penalty imposed under Section 76 of the Finance Act should be waived in the stay application.
Analysis: The Tribunal found, prima facie, that the penalty under Section 76 was not justified, particularly in view of the cited precedents and the circumstances that the original authority had already reduced the demand and imposed penalties for other defaults. On that basis, it held that deposit of the penalty amount need not be insisted upon pending disposal of the appeal.
Conclusion: Pre-deposit of the penalty under Section 76 was waived in favour of the assessee.
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