https://www.taxtmi.com/caselaws?id=240183 The Tribunal's reduction of penalty under Sections 76 and 77 of the Finance Act, 1994 could not be sustained because it was based on an earlier order in the same assessee's case that had already been set aside by the High Court. Once that prior decision lost binding force, the foundation for reducing the penalty disappeared. The court held that the questions raised were covered against the assessee by the earlier High Court ruling, the Revenue's challenge succeeded, and the Tribunal's order reducing the penalty was set aside. en-us Thu, 12 Sep 2013 00:00:00 +0530 Fri, 12 Sep 2014 18:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=240183 The Tribunal's reduction of penalty under Sections 76 and 77 of the Finance Act, 1994 could not be sustained because it was based on an earlier order in the same assessee's case that had already been set aside by the High Court. Once that prior decision lost binding force, the foundation for reducing the penalty disappeared. The court held that the questions raised were covered against the assessee by the earlier High Court ruling, the Revenue's challenge succeeded, and the Tribunal's order reducing the penalty was set aside. Case-Laws Service Tax Thu, 12 Sep 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=240183