Non-filing of ST-3 Returns: Penalty u/s 78 Set Aside, Sections 70 and 77 Penalties Upheld.

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....Penalty u/s 70, 77 and 78 of FA - non-filing of ST-3 return would not amount to suppression of facts, with intent to defraud Government revenue, unless it is corroborated with other evidences of malafide intention - Penalty u/s 78 set aside - however, penalty u/s 70 and 77 confirmed.....