https://www.taxtmi.com/caselaws?id=190425 The Tribunal set aside the penalty under Section 76 of the Finance Act, 1994, due to the appellant's financial difficulties, allowing the appeal. The penalty under Section 78 was dropped as there was no malafide intention to evade tax payment. The Tribunal emphasized the importance of considering financial constraints as a reasonable cause for non-payment, citing relevant legal precedents. The decision highlighted the compensatory nature of interest and penalties in fiscal statutes, providing relief to the appellant based on the established reasonable cause for non-payment. en-us Mon, 08 Feb 2016 00:00:00 +0530 Wed, 15 Feb 2017 12:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=190425 The Tribunal set aside the penalty under Section 76 of the Finance Act, 1994, due to the appellant's financial difficulties, allowing the appeal. The penalty under Section 78 was dropped as there was no malafide intention to evade tax payment. The Tribunal emphasized the importance of considering financial constraints as a reasonable cause for non-payment, citing relevant legal precedents. The decision highlighted the compensatory nature of interest and penalties in fiscal statutes, providing relief to the appellant based on the established reasonable cause for non-payment. Case-Laws Service Tax Mon, 08 Feb 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=190425