CESTAT Chennai: Penalties under Finance Act sections 76, 78 set aside, Rs. 1,000 penalty upheld for non-submission of returns.

The Appellate Tribunal CESTAT, Chennai set aside penalties under sections 76 and 78 of the Finance Act, 1994, due to ignorance of liability. However, a penalty of Rs. 1,000 under section 77 for non-submission of returns was upheld. The appeal was allowed in part. (2010 (1) TMI 205 - CESTAT, CHENNAI)

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The Appellate Tribunal CESTAT, Chennai ruled on the imposition of penalties under sections 76, 77, and 78 of the Finance Act, 1994. The penalty was set aside under sections 76 and 78 due to ignorance of liability, but a penalty of Rs. 1,000 under section 77 was upheld for non-submission of returns. The appeal was allowed in part. (Case citation: 2010 (1) TMI 205 - CESTAT, CHENNAI)

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