https://www.taxtmi.com/caselaws?id=376747 The Tribunal upheld the imposition of penalties under section 77 of the Finance Act, 1994, as it stood during the relevant period. Emphasizing the need to interpret taxation statutes strictly without retrospective effect unless explicitly stated, the Tribunal rejected the appellant's argument to benefit from subsequent amendments reducing penalties. Relying on established principles from relevant judgments, the Tribunal concluded that the penalties imposed under section 77 should apply according to the legislation in force at the time, leading to the dismissal of the appeal. en-us Thu, 14 Mar 2019 00:00:00 +0530 Fri, 15 Mar 2019 09:06:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=376747 The Tribunal upheld the imposition of penalties under section 77 of the Finance Act, 1994, as it stood during the relevant period. Emphasizing the need to interpret taxation statutes strictly without retrospective effect unless explicitly stated, the Tribunal rejected the appellant's argument to benefit from subsequent amendments reducing penalties. Relying on established principles from relevant judgments, the Tribunal concluded that the penalties imposed under section 77 should apply according to the legislation in force at the time, leading to the dismissal of the appeal. Case-Laws Service Tax Thu, 14 Mar 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=376747