Whether the penalty under section 78 of the Finance Act, 1994 can be reduced below the minimum limit prescribed by invoking section 80 of the Finance Act, 1994?
4 April, 2015
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Penalty minimums prohibited from reduction: statutory scheme prevents lowering prescribed service tax penalty through discretionary provisions. Penalty under section 78 of the Finance Act, 1994 cannot be reduced below the statutory minimum by invoking section 80; a conjoint reading of the ... Summary
Penalty minimums prohibited from reduction: statutory scheme prevents lowering prescribed service tax penalty through discretionary provisions.
Penalty under section 78 of the Finance Act, 1994 cannot be reduced below the statutory minimum by invoking section 80; a conjoint reading of the provisions shows no discretion to levy or reduce a penalty below the prescribed floor, and appellate bodies and tribunals cannot read such power into the statutory scheme.
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