https://www.taxtmi.com/caselaws?id=207385 The High Court partially allowed the appeal, modifying the penalty imposed on the assessee under Sections 76 and 78 of the Finance Act, 1994. The Court clarified that penalty could only be imposed under Section 78, not both sections. As the duty and interest were paid before proceedings, the penalty was limited to 25% of the initial assessment. The Court held the assessee liable for willful misstatement under Section 78 due to failure to maintain records, reducing the penalty accordingly. en-us Sat, 15 Oct 2011 00:00:00 +0530 Thu, 25 Sep 2014 16:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=207385 The High Court partially allowed the appeal, modifying the penalty imposed on the assessee under Sections 76 and 78 of the Finance Act, 1994. The Court clarified that penalty could only be imposed under Section 78, not both sections. As the duty and interest were paid before proceedings, the penalty was limited to 25% of the initial assessment. The Court held the assessee liable for willful misstatement under Section 78 due to failure to maintain records, reducing the penalty accordingly. Case-Laws Service Tax Sat, 15 Oct 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=207385