2015 (4) TMI 171

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..... ourt petitions filed by their lenders and creditors. This particular plea has not been contraverted by the revenue in the Order-in-Original or the impugned order. In our considered view, the reason the appellant has given is justifiable reason for setting aside the penalty imposed on them; which the Adjudicating Authority has rightly done so by not imposing penalties under Section 76 & 77 of the F .....

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..... ingly, we take up the appeal for disposal. 3. On perusal of the record, it transpires that the appeal is directed against the imposition of penalty under Section 78 of the Finance Act, 1994. Appellant is not contesting the taxability of the services rendered by them. It is also noted that the appellant has discharged the entire tax liability with interest on or about 01.12.2006. We note that th .....

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..... ntraverted by the revenue in the Order-in-Original or the impugned order. In our considered view, the reason the appellant has given is justifiable reason for setting aside the penalty imposed on them; which the Adjudicating Authority has rightly done so by not imposing penalties under Section 76 77 of the Finance Act, 1994. We invoke the provisions of Section 80 of the Finance Act, 1994 and set .....

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