Penalty under Finance Act Section 78 waived due to bona fide belief; no fact suppression found in audits.

Penalty under Finance Act Section 78 waived due to bona fide belief; no fact suppression found in audits. https://www.taxtmi.com/highlights?id=29534 Imposition of penalty - Section 78 of the Finance Act, 1994 - the non-payment of tax was on account of bonafide belief and the Revenue had conducted Audits which would go to show that there was in fact no suppression of facts - penalty was rightly waived u/s 80 - AT en-us Tue, 31 May 2016 10:44:55 +0530 Tue, 31 May 2016 10:44:55 +0530 TaxTMI RSS Generator Penalty under Finance Act Section 78 waived due to bona fide belief; no fact suppression found in audits. https://www.taxtmi.com/highlights?id=29534 Imposition of penalty - Section 78 of the Finance Act, 1994 - the non-payment of tax was on account of bonafide belief and the Revenue had conducted Audits which would go to show that there was in fact no suppression of facts - penalty was rightly waived u/s 80 - AT Highlights Service Tax Tue, 31 May 2016 10:44:55 +0530 https://www.taxtmi.com/highlights?id=29534