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of <h1>Tribunal upholds Revenue's appeal for interest under Finance Act, penalties set aside</h1> <h3>COMMISSIONER OF CENTRAL EXCISE, MANGALORE Versus WOOD WORTH CONSTRUCTIONS</h3> The Tribunal allowed the Revenue's appeal, upholding the demand for interest under Section 73(3) of the Finance Act, 1994, after penalties and interest ... Delay in payment of tax - Commissioner (A) set aside penalty & interest – this Bench in similar cases has upheld the demand of interest because Section 73(3) contemplates a situation where both tax & interest are paid after the lapses are pointed out - held that commissioner is justified in setting aside the penalty by relying upon the Tribunal’s decision but, he is not justified in waiving interest as there is no any provision for such waiver - assessee has to discharge the interest liability The Revenue appealed against Order-in-Appeal No. 87/2007-CE dated 2-3-2007, where penalties and interest were set aside. The Tribunal upheld the demand for interest as per Section 73(3) of the Finance Act, 1994. The appeal was allowed in favor of the Revenue.
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