https://www.taxtmi.com/caselaws?id=2438 The Tribunal set aside the penalty imposed under Section 76 of the Finance Act, 1994 on the appellant for short payment of tax due to lack of awareness about revised tax rates. The appellant's inadvertent error, promptly rectified upon discovery, was deemed not warranting a penalty as there was no intentional failure to pay tax. Emphasizing the genuine nature of the mistake and citing a previous Tribunal decision, the Tribunal ruled that penalties are not applicable in cases of inadvertent short payments arising from genuine reasons. en-us Fri, 01 Jun 2007 00:00:00 +0530 Wed, 12 Mar 2014 12:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=2438 The Tribunal set aside the penalty imposed under Section 76 of the Finance Act, 1994 on the appellant for short payment of tax due to lack of awareness about revised tax rates. The appellant's inadvertent error, promptly rectified upon discovery, was deemed not warranting a penalty as there was no intentional failure to pay tax. Emphasizing the genuine nature of the mistake and citing a previous Tribunal decision, the Tribunal ruled that penalties are not applicable in cases of inadvertent short payments arising from genuine reasons. Case-Laws Service Tax Fri, 01 Jun 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=2438