1979 (11) TMI 160

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..... ared on behalf of the assessee and hence we proceed to dispose of the appeal on merits after hearing the ld. Deptl. representative and perusing the material on record. 2. For the asst. yr. 1977-78 the assessee should have paid compulsory deposit of Rs. 2,400 by 15th March, 1977, which the assessee, however, paid only on 25th March, 1977. The assessee's reply to the penalty notice issued by the I .....

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..... stances or situation in levying the penalty for the delay in making the compulsory deposit; that the AAC failed to note that there is no discretion or otherwise for waiving or cancelling the penalty imposable under the Act. 4. We have considered the Department's submissions and are unable to find any substance therein. s. 10(3)(Penalty for failure to make compulsory deposit) specifically provide .....

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..... ding penalty under the CDS Act also. The very fact that before levying penalty under s. 10 of the CDS Act, 1974 the assessee has to be given an opportunity and that appeal has also been provided against the levy of any penalty make it manifest that such penalty cannot be sustained if reasonable cause is shown by the assessee. In the present case there is no dispute that the assessee had a valid ex .....

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