TaxTMI 
TaxTMI 
I would like to know whether any Higher Forum such as Hon. High Cout or Hon.Supreme Court has rendered any Judgment: 1.Striking down Section 76 of the Finance Act, 1994 Fully or Partly 2.Any Judgement of higher Forum Such as HC/SC on Section 76 of the Finance Act, particularly holding that Section 76 and Section 78 of the Finance Act, 1994 are mutually exclusive Shall be grateful to hae Ciatations on this
Case law
21 Nov 2008 
3 Replies 
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Penalty exclusivity: amendment prevents simultaneous penalties under the relevant provisions, supporting clarificatory retrospective arguments in submissions.
No higher-court decision was identified striking down the Finance Act, 1994 provision or declaring the two penal provisions mutually exclusive; a legislative amendment adds a proviso preventing penalties under both provisions in the same case, which may be argued to be clarificatory and retrospectively applicable, and a constitutional objection to dual penalties may be urged. (AI Summary)
No higher-court decision was identified striking down the Finance Act, 1994 provision or declaring the two penal provisions mutually exclusive; a legislative amendment adds a proviso preventing penalties under both provisions in the same case, which may be argued to be clarificatory and retrospectively applicable, and a constitutional objection to dual penalties may be urged. (AI Summary)