2008 (11) TMI 164

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....eshwar for the Respondent. ORDER 1. As the issue lies within a narrow compass, I take up both the stay and the appeal together for disposal. 2. Mr. S. Ramasubramanian, the learned Chartered Accountant, appeared on behalf of the appellant and Mr. V.R. Gyaneshwar, JDR, for the revenue. 3. I heard both sides. 4. The learned Chartered Accountant who represented the appellant stated that the appel....

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....) Penalty of Rs 100 per day under section 76. 5. The learned Chartered Accountant invited my attention to the following amendment under section 78 with effect from 10-5-2008: "Provided also that if the penalty is payable under this section, the provisions of section 76 shall not apply." 5.1 It was argued that the said amendment applicable in the present case as the order was passed on 18-6-2008....