2015 (7) TMI 967

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.... Murthy: Appellant is challenging only penalties imposed under Section 76 & 78 of Finance Act 1994. The brief facts of the case are as under: On verification of ledger accounts, it was observed that the assessee had received an amount of Rs. 18,57,771/- in the month of October 2006 as commission/brokerage charges from M/s. Jai Raj Steel Traders and M/s. Hirawat Steels for the year 2005-06. T....

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....count on 22.01.2008 after availing the basic exemption limit of 4 lakhs vide Notification No. 06/2005 dated 1.03.2005 and after taking into consideration the amount of Rs. 1,457/- plus Ed. Rs. 23,976/- plus interest of Rs. 23,976/- paid vide challan dated 23.01.2008. In respect of commissions received during the period 2006-2007, assessee vide their letter dated 22.01.2008 stated that they were....

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....e learned Commissioner has imposed penalty under Section 76 and 78 of Finance Act 1994 and hence the appellant is before me. 3. Nobody is present on behalf of the appellant. I find that he matter had come up on three occasions earlier and on all the three occasions no one was present nor was there any request for adjournment. Today also no one is present nor is there any request for adjournment....

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....rain from imposing any penalties under Section 76, 77 or 78 of the Finance Act, 1994 as demanded in the show cause notice. Tax paid before issue of show cause notice also entails that the show cause notice need not be issued. In the absence of dishonest conduct of the assessee ignorance cited as reason for non compliance of statutory provisions is a case fit for waiver of relief from penalties and....