2004 (3) TMI 170

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..... al whereby the penalty of Rs. 45,400/- was enhanced to Rs. 1,27,300/- by the Commissioner (Appeals-II), Central Excise and Customs, Jaipur. 3. The Commissioner (Appeals) enhanced the penalty after taking into consideration the provisions of Section 77 of the Finance Act, 1994. I find that Section 80 of the Finance Act provides that "Notwithstanding anything contained in the provisions of Sections .....

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..... nalty for Rs. 45,400/- under Section 77 of the Finance Act. As the provision under Section 80 of the Finance Act provides that notwithstanding the provisions of Section 77 if delay is explained then the penalty can be waived. Further, the Tribunal in the case of Escorts JCB (Supra) held that the assessing authority has discretion to impose lesser amount of penalty where equal amount of penalty as .....

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