Penalty Under Finance Act Section 78 Overturned: No Intentional Duty Evasion in Freight Charge Mark-Up Case.

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....Levy of penalty u/s 78 of the Finance Act, 1994 - appellant had collected ocean freight charges from their clients at a marked up value - The Revenue has erred in levying penalty under Section 78 of the Finance Act, 1994 when there is neither deliberate evasion of duty nor is there any evasion per se - AT....