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of <h1>Supreme Court reverses High Court decision on penalty waiver under Finance Act Section 80.</h1> <h3>Commr Of Service Tax, Mumbai Versus M/s Lark Chemicals P. Ltd.</h3> 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 ... Waiver of penalty u/s 80 - service tax - Whether Section 80 of the Finance Act, 1994 envisages only a complete waiver of penalty once reasonable cause of failure is established by the assessee or whether the provision can also be applied to a level below the minimum penalties specified under Section 76 and 78 of the Finance Act, 1994. Held that:- by following the judgment of this court in the case of Union of India and Others v. Dharamendra Textile Processors and Others [2008 (9) TMI 52 - SUPREME COURT], the appeal is allowed and the impugned order of the High Court [2007 (8) TMI 197 - HIGH COURT, BOMBAY] is set aside. - Decided in favour of revenue 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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