2011 (5) TMI 421

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....ts are against Revisional Order Passed under section 84 of Finance Act 1994 levying penalty under section 75A, 76, 77 and 78 of the Finance Act 1994. The quantum of levy has varied in all such cases. Ld. Counsel Shri Malhotra Appearing on behalf of all the appellants submits that the Revisional order has intended to impose penalty without any rhyme or reason. All the cases require consideration un....

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....mposable. It has been enlightened to us in the course of hearing that penalty imposable under section 75A no more remains in the statute book from 10.9.05. As a result of this, although section 75A was also within the purview of section 80 of the Finance Act 1994, it is bound to be deleted from the purview of section 80 thereafter. But at the relevant point of time when the law was in force to reg....

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.... exercisable only if the act of the authorities below is prejudicial to the interest of Revenue. How the orders passed by Adjudicating Authority have caused prejudice that was not examined nor any cogent reason appears in the order. Therefore, levy of penalty under section 76 and 78 of Finance Act, 1994 which are severe in nature levy thereof on small tax payers is unwarranted without bringing men....

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....es came forward to pay the taxes and revised returns were filed. The orders do not indicate the length of failure on the part of the appellants to impute their malafide in filing their revised returns. These observations we have made above was from the appeal record No 309/08. Finding that the order has not demonstrated the reasoning for imposition of penalty under section 77 of the Finance Act, 1....