https://www.taxtmi.com/article/detailed?id=6309 The Finance Act, 2015 substitutes section 76 to rationalize penalties in non malafide cases: maximum penalty curtailed and tied to the tax involved; no penalty where outstanding tax and interest are paid within a short period after issuance of a show cause notice; a reduced penalty is payable where tax, interest and the reduced penalty are paid within a short period following an adjudication or appellate order; penalties are adjusted if tax is reduced on appeal and the former general waiver mechanism has been omitted. en-us Tue, 16 Jun 2015 08:34:20 +0530 Tue, 16 Jun 2015 08:34:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=6309 The Finance Act, 2015 substitutes section 76 to rationalize penalties in non malafide cases: maximum penalty curtailed and tied to the tax involved; no penalty where outstanding tax and interest are paid within a short period after issuance of a show cause notice; a reduced penalty is payable where tax, interest and the reduced penalty are paid within a short period following an adjudication or appellate order; penalties are adjusted if tax is reduced on appeal and the former general waiver mechanism has been omitted. Articles Service Tax Tue, 16 Jun 2015 08:34:20 +0530 https://www.taxtmi.com/article/detailed?id=6309