2009 (2) TMI 143

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.... No. 157/2009-SM(BR) dt. 5.2.2009 certified on 24.2.2009 in Appeal No. ST/163/2008) Shri Atul Gupta, CA for Appellant. Shri S.K. Bhaskar, DR for Respondent. Per Jyoti Balasundaram: The challenge in this appeal is only to the imposition of penalty under the provisions of Section 76 and 78 of the Finance Act, 1994. 2. I have heard both sides. The findings of the authorities below are ....

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....s. Following the ratio of the Hon'ble Kerala High Court's decision cited (supra), and noticing that there is no challenge to the findings of authorities that the assessee was guilty of suppression of taxable value, I uphold the penalties imposed both under Sections 76 and 78 of the Finance Act, rejecting the contention of the assessee that the explanation to Section 78 which provides that "the pro....