CESTAT Mumbai: Appeal on Finance Act penalties partially allowed. Section 78 penalty overturned, Section 77 penalty affirmed.

The Appellate Tribunal CESTAT, Mumbai partially allowed the appeals in a case concerning penal action under Sections 77 and 78 of the Finance Act, 1994. The penalty under Section 78 was overturned, while the penalty under Section 77 was affirmed.

---

---

The Appellate Tribunal CESTAT, Mumbai ruled in favor of the assessees in a case involving penal action under Sections 77 and 78 of the Finance Act, 1994. The penalty under Section 78 was set aside, but the penalty under Section 77 was upheld. The appeals were partly allowed.

---