https://www.taxtmi.com/caselaws?id=254386 The Supreme Court held that the Customs, Excise & Service Tax Appellate Tribunal lacked jurisdiction to significantly reduce a penalty under Section 114A of the Customs Act, beyond what is prescribed by law. The Tribunal's reduction from Rs. 59,77,432/- to Rs. 5,00,000/- was deemed unauthorized as penalties must align with statutory provisions. The Court emphasized that penalties should not be reduced arbitrarily, and once imposed, no discretion exists to lessen them beyond legal limits. Consequently, the Tribunal's order was set aside, and the appeal by the Revenue was allowed. en-us Wed, 29 Jan 2014 00:00:00 +0530 Sat, 20 Dec 2014 08:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=254386 The Supreme Court held that the Customs, Excise & Service Tax Appellate Tribunal lacked jurisdiction to significantly reduce a penalty under Section 114A of the Customs Act, beyond what is prescribed by law. The Tribunal's reduction from Rs. 59,77,432/- to Rs. 5,00,000/- was deemed unauthorized as penalties must align with statutory provisions. The Court emphasized that penalties should not be reduced arbitrarily, and once imposed, no discretion exists to lessen them beyond legal limits. Consequently, the Tribunal's order was set aside, and the appeal by the Revenue was allowed. Case-Laws Customs Wed, 29 Jan 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=254386