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of <h1>Allahabad HC upholds reduced penalty on SBI for late tax deposit, citing Finance Act.</h1> <h3>COMMISSIONER OF CENTRAL EXCISE Versus PUNJAB NATIONAL BANK</h3> COMMISSIONER OF CENTRAL EXCISE Versus PUNJAB NATIONAL BANK - 2009 (14) S.T.R. 302 (All.) , [2009] 21 STT 332 (ALL.) The Allahabad High Court dismissed the appeal by the revenue against the reduction of penalty imposed on State Bank of India for delay in service tax deposit. The penalty was reduced to Rs. 2000 from Rs. 4,897 and upheld by the Tribunal. The Court cited Section 80 of the Finance Act, stating that the penalty can be waived upon establishing a reasonable cause for the failure to deposit service tax on time.
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