https://www.taxtmi.com/caselaws?id=33871 The Tribunal upheld the reduction of penalties imposed on the respondents under sections 76 and 78, from Rs. 46,376 and Rs. 50,000 to Rs. 5,000. The Tribunal emphasized the discretionary power to reduce penalties under section 80 of the Finance Act, 1994, considering factors such as early tax payment and reliance on statutory provisions. The Revenue's appeal against the penalty reduction was rejected, with the Tribunal affirming the justification for the reduced penalty amount. The assessees' cross-objections claiming no intention to evade tax were dismissed as the tax was paid only after the liability was pointed out by the department. en-us Fri, 16 Jan 2009 00:00:00 +0530 Wed, 19 Aug 2009 15:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=33871 The Tribunal upheld the reduction of penalties imposed on the respondents under sections 76 and 78, from Rs. 46,376 and Rs. 50,000 to Rs. 5,000. The Tribunal emphasized the discretionary power to reduce penalties under section 80 of the Finance Act, 1994, considering factors such as early tax payment and reliance on statutory provisions. The Revenue's appeal against the penalty reduction was rejected, with the Tribunal affirming the justification for the reduced penalty amount. The assessees' cross-objections claiming no intention to evade tax were dismissed as the tax was paid only after the liability was pointed out by the department. Case-Laws Service Tax Fri, 16 Jan 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=33871