https://www.taxtmi.com/caselaws?id=342601 The Tribunal allowed the appeal, setting aside the penalty imposed under Section 78 of the Finance Act, 1994. It held that the appellant's prompt rectification of the tax liability error upon the audit team's observation prevented the imposition of penalties for suppression with intent to evade tax. The Tribunal found that the show cause notice should not have been issued as per Section 73(3) of the Finance Act, 1994, and cited a judgment by the Hon'ble Karnataka High Court to support its decision. en-us Wed, 08 Mar 2017 00:00:00 +0530 Tue, 16 May 2017 10:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=342601 The Tribunal allowed the appeal, setting aside the penalty imposed under Section 78 of the Finance Act, 1994. It held that the appellant's prompt rectification of the tax liability error upon the audit team's observation prevented the imposition of penalties for suppression with intent to evade tax. The Tribunal found that the show cause notice should not have been issued as per Section 73(3) of the Finance Act, 1994, and cited a judgment by the Hon'ble Karnataka High Court to support its decision. Case-Laws Service Tax Wed, 08 Mar 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=342601