1998 (10) TMI 1

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..... r (Appeals) and as such are being disposed of by a common order. 2. Commissioner (Appeals) vide Revenue is aggrieved with the order of which he has reduced the penalties to Rs. 1,000/- on the respondent who is a stock-broker. The said penalties were imposed on the respondent under the provisions of Section 77 of the Finance Act, 1994 for late submission of the require ST-3 returns. Dela .....

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..... owers to reduce the penalty to Rs. 1,000/- for delay of 71 days, 37 days and 63 days in filing the return. 4. Nobody has appeared on behalf of the respondent. 5. I have considered the submissions made by the ld. JDR. For the sake of convenience Section 77 of the Finance Act, 1994 is reproduced below: Penalty for failure to furnish prescribed return. - If a person fails to furnish in du .....

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..... on very clearly says a sum which shall not be less than one hundred rupees, but which may extend to two hundred rupees for every day during which the failure continues. There is no comma after two hundred rupees so as to link the expression `for every day' to one hundred rupees. The absence of comma after two hundred rupees makes it clear that `every day' is qualifying only two hundred rupees. As .....

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