https://www.taxtmi.com/caselaws?id=78239 Penalty under sections 76 and 78 of the Finance Act, 1994 was held excessive where the lower authority effectively imposed twice the tax determined by levying separate penalties under both provisions. The Tribunal noted that the appellants had already paid the tax and part of the penalty, and that the statutory penalty was confined to the amount of tax determined. It therefore reduced the penalty to that amount, granted credit for the sum already deposited, and directed payment of only the balance. en-us Fri, 24 Apr 2009 00:00:00 +0530 Wed, 17 Apr 2013 15:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=78239 Penalty under sections 76 and 78 of the Finance Act, 1994 was held excessive where the lower authority effectively imposed twice the tax determined by levying separate penalties under both provisions. The Tribunal noted that the appellants had already paid the tax and part of the penalty, and that the statutory penalty was confined to the amount of tax determined. It therefore reduced the penalty to that amount, granted credit for the sum already deposited, and directed payment of only the balance. Case-Laws Service Tax Fri, 24 Apr 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=78239