2009 (7) TMI 121

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..... cable, lenient view as regards penalty is required to be taken. The fact that the firm is a proprietary firm and a small firm going by the size of transaction is sufficient as a reasonable cause of the purpose of section 80 of Finance Act, 1994. Accordingly, the penalties imposed on the appellants are set aside and appeals are allowed with consequential relief to the appellants. - ST/82 AND 83 OF .....

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..... view as regards penalty may be considered favourably. He submits that in view of the fact that the total amount of duty liability is only Rs. 70,000 for a period of almost five years, which clearly shows that appellant is a small proprietary firm and, therefore, a lenient view under section 80 of Finance Act, 1994, is warrented. On the other hand, learned SDR submits that reasonable cause is requi .....

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