Penalty u/s 78 Unwarranted if ST-3 Returns and Balance Sheet Reflect Accurate Facts; No Suppression Alleged.

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....Penalty u/s 78 of the Finance Act, 1994 - Once all the facts are reflected in the ST-3 Returns as well as in the Balance Sheet, the allegation of suppression of facts is untenable and accordingly, imposition of penalty under Section 78 of the Finance Act, 1994, is unwarranted - AT....