2011 (10) TMI 75

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..... pellant is facing penalty under Section 76 & 78 of the Finance Act, 1994. Quantum of penalty under Section 78 is Rs. 98,168/- while penalty under Section 76 is per day base subject to maximum of Rs. 98,168/-. There is no suppression done by the appellant to cause loss of revenue. 2. Learned D.R. on the other hand submits that appellate authority reduced the penalty. 3. Heard both sides and perus .....

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