1998 (10) TMI 1

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..... 2.  Commissioner (Appeals) vide Revenue is aggrieved with the order of which he has reduced the penalties to Rs. 1,000/- on the respondent who is a stock-broker. The said penalties were imposed on the respondent under the provisions of Section 77 of the Finance Act, 1994 for late submission of the require ST-3 returns. Delay in filing the said returns on the part of the respondent wa....

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.... 37 days and 63 days in filing the return. 4. Nobody has appeared on behalf of the respondent. 5. I have considered the submissions made by the ld. JDR. For the sake of convenience Section 77 of the Finance Act, 1994 is reproduced below: Penalty for failure to furnish prescribed return. - If a person fails to furnish in due time the return which he is required to furnish under sub-section (1) o....