https://www.taxtmi.com/caselaws?id=166279 The Court held that under Section 76 of the Finance Act, 1994, penalties cannot be reduced below the prescribed limit. Section 80 allows for no penalty if reasonable cause is proven, not a reduced penalty. The Tribunal erred in reducing penalties below the minimum prescribed limit. The Court allowed the appeal, quashed the Tribunal's order, and remanded the matter for fresh consideration. en-us Thu, 25 Nov 2010 00:00:00 +0530 Fri, 19 Sep 2014 11:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=166279 The Court held that under Section 76 of the Finance Act, 1994, penalties cannot be reduced below the prescribed limit. Section 80 allows for no penalty if reasonable cause is proven, not a reduced penalty. The Tribunal erred in reducing penalties below the minimum prescribed limit. The Court allowed the appeal, quashed the Tribunal's order, and remanded the matter for fresh consideration. Case-Laws Service Tax Thu, 25 Nov 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=166279