2010 (7) TMI 121

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..... m by way of credit and in fact they have taken credit. – Held that: - Considering the fact that the entire amount of tax demand is available to the assessees as credit, no intention to evade payment of tax can be established against them. Hence, the penalty imposed under Section 78 cannot be sustained - The appeal is thus allowed by setting aside the penalty. - ST/S/170/10 & ST/295/2010 - - - Dat .....

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..... ct they have taken credit. Their further submission is that the authorities below have invoked Section 78 only on the ground of failure on the part of the assessees to file the returns. This, to my mind, is not sufficient to hold that the assessees guilty of suppression so as to impose penalty under Section 78. Considering the fact that the entire amount of tax demand is available to the assessees .....

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