https://www.taxtmi.com/caselaws?id=207018 The High Court held that penalties under Section 76 of the Finance Act cannot be reduced below the prescribed limit by invoking Section 80. The Court emphasized that once a reasonable cause is established, no penalty is imposable, and there is no provision for imposing a reduced penalty. The Tribunal's decision to reduce the penalty was overturned, and the appeal was remanded for a fresh decision in accordance with the High Court's interpretation of the law. This case sets a precedent for future cases involving penalty imposition and reduction under similar circumstances. en-us Thu, 25 Nov 2010 00:00:00 +0530 Fri, 25 Nov 2011 08:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=207018 The High Court held that penalties under Section 76 of the Finance Act cannot be reduced below the prescribed limit by invoking Section 80. The Court emphasized that once a reasonable cause is established, no penalty is imposable, and there is no provision for imposing a reduced penalty. The Tribunal's decision to reduce the penalty was overturned, and the appeal was remanded for a fresh decision in accordance with the High Court's interpretation of the law. This case sets a precedent for future cases involving penalty imposition and reduction under similar circumstances. Case-Laws Service Tax Thu, 25 Nov 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=207018