https://www.taxtmi.com/caselaws?id=221850 Penalty under Section 76 of the Finance Act, 1994 was not automatic where the record showed prompt reversal of Cenvat credit after an audit objection and no material established deliberate breach, wilful default, or contumacious conduct. On those facts, reasonable cause existed for relief under Section 80, so the penalty was waived. The substantive tax and interest liability, if any, remained confirmed. en-us Mon, 18 Jun 2012 00:00:00 +0530 Tue, 02 Apr 2013 10:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=221850 Penalty under Section 76 of the Finance Act, 1994 was not automatic where the record showed prompt reversal of Cenvat credit after an audit objection and no material established deliberate breach, wilful default, or contumacious conduct. On those facts, reasonable cause existed for relief under Section 80, so the penalty was waived. The substantive tax and interest liability, if any, remained confirmed. Case-Laws Service Tax Mon, 18 Jun 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=221850