Supreme Court reverses High Court decision on penalty waiver under Finance Act Section 80.

The Supreme Court overturned the High Court's decision regarding the waiver of penalty under Section 80 of the Finance Act, 1994, based on a previous judgment. The appeal was allowed, and the High Court's order was set aside.

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The Supreme Court considered whether Section 80 of the Finance Act, 1994 allows for a waiver of penalty below specified minimums. The High Court ruled in favor of the assessee, but the Supreme Court overturned this decision based on a previous judgment. The appeal was allowed and the High Court's order was set aside.

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