Section 78 Penalty Contested: Revenue-Neutral Situation Leads to No Malafide Intent, No Penalty Imposed on Assessee.

Section 78 Penalty Contested: Revenue-Neutral Situation Leads to No Malafide Intent, No Penalty Imposed on Assessee. https://www.taxtmi.com/highlights?id=40689 Penalty u/s 78 - reverse charge mechanism - revenue neutrality - assessee could have gained nothing since the entire amount could have been available to them as CENVAT credit. Since the entire exercise is revenue neutral, no mala fide can be attributed to them - No penalty. en-us Mon, 06 Aug 2018 08:00:38 +0530 Mon, 06 Aug 2018 08:00:38 +0530 TaxTMI RSS Generator Section 78 Penalty Contested: Revenue-Neutral Situation Leads to No Malafide Intent, No Penalty Imposed on Assessee. https://www.taxtmi.com/highlights?id=40689 Penalty u/s 78 - reverse charge mechanism - revenue neutrality - assessee could have gained nothing since the entire amount could have been available to them as CENVAT credit. Since the entire exercise is revenue neutral, no mala fide can be attributed to them - No penalty. Highlights Service Tax Mon, 06 Aug 2018 08:00:38 +0530 https://www.taxtmi.com/highlights?id=40689