Whether the penalty under Section 76 of the Finance Act, 1994 can be reduced below the limit prescribed by the section?

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.... to read any further discretion, further than the discretion provided by the legislature when legislature has prescribed the minimum and the maximum limits. The discretion vested in the authority is to levy minimum penalty commencing from one hundred rupees per day on default, subject to a cap of not exceeding 50% of the amount of service tax payable. From this discretion it is not possible to r....