2010 (1) TMI 163

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....Ms. Indira Sisupal for the Respondent. ORDER 1. The appellants challenge the imposition of penalty of Rs. 40,000 in terms of section 78 of the Finance Act, 1994 for the reason that there was no suppression on their part so as to warrant imposition of penalty. They also challenge the imposition of penalty under section 77. 2. I have heard both sides. The statement of Sri M. Senthilvelu, pr....