CESTAT Chennai: Penalty Reduced to Rs. 5,000 under Finance Act Section 76. Commissioner (Appeals) can reduce penalties.

The Appellate Tribunal CESTAT, Chennai upheld the reduction in penalty to Rs. 5,000 under section 76 of the Finance Act, 1994, citing precedents allowing the Commissioner (Appeals) to reduce penalties upon showing reasonable cause by the assessee. The revenue's appeal was rejected.

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The Appellate Tribunal CESTAT, Chennai upheld the reduction in penalty to Rs. 5,000 under section 76 of the Finance Act, 1994, following precedents where the Commissioner (Appeals) can reduce penalty if reasonable cause is shown by the assessee. The appeal by the revenue was rejected.

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