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of <h1>CESTAT Chennai Upholds Penalty under Section 76, Revokes Penalty under Section 78 for Late Tax Payment tax</h1> <h3>V. Sriram & Co. Versus Commissioner of Central Excise, Salem</h3> The Appellate Tribunal CESTAT, Chennai upheld the penalty under section 76 but set aside the penalty under section 78 for delay in service tax payment. ... Penalty- Simultaneously- The Commissioner imposed penalty under section 76 as well as under section 78 of the Finance Act, 1994 for delay in payment of service tax. Held that- accept the contention of the assessees that penalties under sections 76 are 78 are mutually exclusive and, therefore, set aside penalty of imposed under section 78, while upholding the penalty imposed under section 76. The Appellate Tribunal CESTAT, Chennai upheld penalty under section 76 but set aside penalty under section 78 for delay in service tax payment. The appellants did not dispute the tax liability. The penalty of Rs. 39,463 under section 78 was revoked.
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