https://www.taxtmi.com/caselaws?id=202365 Section 78 penalty under the Finance Act, 1994 was held unsustainable because it requires fraud, collusion, wilful misstatement or suppression, and is aimed at suppression of taxable value. Mere belated payment of service tax, where the liability is ultimately discharged in full, does not by itself attract Section 78. The appropriate penalty provision for delayed payment would be Section 76, but that penalty had already been set aside and was not under challenge. Accordingly, the Section 78 penalty was set aside. en-us Tue, 13 Jul 2010 00:00:00 +0530 Fri, 04 Feb 2011 14:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=202365 Section 78 penalty under the Finance Act, 1994 was held unsustainable because it requires fraud, collusion, wilful misstatement or suppression, and is aimed at suppression of taxable value. Mere belated payment of service tax, where the liability is ultimately discharged in full, does not by itself attract Section 78. The appropriate penalty provision for delayed payment would be Section 76, but that penalty had already been set aside and was not under challenge. Accordingly, the Section 78 penalty was set aside. Case-Laws Service Tax Tue, 13 Jul 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=202365