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of <h1>CESTAT Chennai: Appeal reduces penalties under Finance Act, 1994</h1> <h3>AR. AS. PV. PV. MOTORS ERODE (P) LTD. Versus COMMISSIONER OF C. EX., SALEM</h3> The appeal before CESTAT, Chennai resulted in setting aside the penalty under Section 76 and reducing the penalty under Section 78 of the Finance Act, ... Penalty- Held that- service tax with interest paid prior to adjudication order. Penalty to be 25% of tax demanded if paid within 30 days of communication of order. Penalty under section 78 reduced to 25%. The appeal before Appellate Tribunal CESTAT, Chennai sought to set aside penalty under Section 76 and reduce penalty under Section 78 of the Finance Act, 1994. The Tribunal ruled that since the assessees paid the penalty under Section 78, the penalty under Section 76 was set aside. The penalty under Section 78 was reduced to 25% as the tax and interest were paid before the adjudication order. The appeal was partly allowed.
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