https://www.taxtmi.com/caselaws?id=370807 The Tribunal set aside penalties under Sections 76 and 78 of the Finance Act, 1994, while upholding the penalty under Section 77. The appellants' financial crisis was deemed a reasonable cause for the payment delays, considering their efforts to raise funds and eventual tax payment. The Tribunal referenced precedents where penalties were waived due to financial crises and voluntary tax payment, emphasizing the need to establish reasonable cause for payment failures under Section 80. The decision modified the orders, partially allowing the appeals based on the demonstrated reasonable cause for non-payment. en-us Tue, 18 Sep 2018 00:00:00 +0530 Sat, 24 Nov 2018 07:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=370807 The Tribunal set aside penalties under Sections 76 and 78 of the Finance Act, 1994, while upholding the penalty under Section 77. The appellants' financial crisis was deemed a reasonable cause for the payment delays, considering their efforts to raise funds and eventual tax payment. The Tribunal referenced precedents where penalties were waived due to financial crises and voluntary tax payment, emphasizing the need to establish reasonable cause for payment failures under Section 80. The decision modified the orders, partially allowing the appeals based on the demonstrated reasonable cause for non-payment. Case-Laws Service Tax Tue, 18 Sep 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=370807