Purposive interpretation of residential house exemption: unregistered purchase agreement alone does not defeat relief, but investment must be verified...
Levy of penalty - In the light of section 73(4) of Finance Act, 1994, which is the sole ground for denying recourse to section 73(3) of Finance Act, 1994, it is clear that the appellant herein has discharged tax liability in the manner contemplated by section 73(3) of Finance Act, 1994, upon intimation by the jurisdictional central excise officers. Consequently, in accordance with Explanation 2 therein, the assessee is not liable to any penalty under Finance Act, 1944. - AT
Levy of penalty - In the light of section 73(4) of Finance Act, 1994, which is the sole ground for denying recourse to section 73(3) of Finance Act, 1994, it is clear that the appellant herein has discharged tax liability in the manner contemplated by section 73(3) of Finance Act, 1994, upon intimation by the jurisdictional central excise officers. Consequently, in accordance with Explanation 2 therein, the assessee is not liable to any penalty under Finance Act, 1944. - AT
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