High Court Confirms 25% Penalty Reduction Possible u/s 78 of Finance Act, 1994, Despite Late Payment.

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....Whether penalty imposed under Section 78 of the Finance Act, 1994 can be reduced to 25% by invoking the provisions of first proviso to Section 78, when the assessee has not paid 25% of the penalty amount within 30 days of the order as required under the second proviso to Section 78 ibid - Held yes.... - HC....