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<h1>CESTAT Chennai: Pre-deposit waived, penalties reduced to 25%. Appeal allowed with consequential relief.</h1> The Appellate Tribunal CESTAT, Chennai waived pre-deposit of penalties under Sections 76 and 77 of the Finance Act, 1994. The penalty was reduced to 25% ... Prayer of the appellant is only for reduction of penalty under Section 78 to 25% of the service tax - I find substance in the plea of the appellants as the entire tax amount together with interest stood paid and, therefore, as per first proviso to Section 78 the appellant is required to pay only 25% of the penalty imposed under Section 78. Since the tax amount itself has been reduced to 25% of the tax demand, the assessee is correct in his contention that penalty has also to be reduced to 25% of the tax amount – Appeal allowed The Appellate Tribunal CESTAT, Chennai waived pre-deposit of penalties under Sections 76 and 77 of the Finance Act, 1994. The penalty was reduced to 25% of the service tax amount, leading to the appeal being allowed with consequential relief for the appellants.
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