CESTAT Rules for Assessee: Amended Section 78 Applies, Reduces Penalty from 100% to 50% for Recorded Transactions.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Whether the unamended provision of Section 78 according to which 100% penalty or amended provision of Section 78 according to which 50% penalty is applicable in the case where transactions are recorded in the books of the assessee, when the offence was taken place during the period of unamended Section 78. - CESTAT applied the amended provisions in favor of assessee - AT....