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of <h1>Gujarat High Court: Penalties u/s 78 of Finance Act, 1994 Cannot Be Reduced Below Minimum Limit.</h1> The Gujarat High Court ruled that penalties under Section 78 of the Finance Act, 1994, cannot be reduced below the minimum limit by invoking Section 80. This decision, referencing the case of Target Polymers Pvt. Ltd., clarified that neither the authority imposing the penalty nor the appellate courts have the discretion to lower the penalty below the statutory minimum. The court's interpretation of Sections 76 and 80 indicates that no provision allows for such reduction, reaffirming a similar decision in the case of Port Officer.
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