2010 (8) TMI 452

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....in this case is that the adjudicating authority has waived the penalties on the respondents under sections 76, 77 and 78 of the Finance Act, 1994 by exercising his discretion under section 80 ibid.   2. Shri V.K. Singh, learned SDR submitted that the adjudicating authority can exercise his jurisdiction under section 80 only when the assessee proves that there was reasonable cause for said ....

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....ides.   5. On careful examination of the submissions made by both the sides, I find that in this case the adjudicating authority after considering the submissions made by the respondents arrived at decision that by giving benefit of section 80 ibid, no penalty is leviable on the respondents and the Hon'ble High Court of Bombay in the case of Lark Chemicals (supra) has held as under :- &nbs....