Penalty imposed U/s. 76 cannot be reduced by invoking the provisions of S. 80 of the Finance Act, 1994

In view of the decision of the Gujarat High Court, that no discretion is vested in the authority to levy a penalty below the minimum prescribed limit, it is held that penalty imposed under Section 76 cannot be reduced by invoking the provisions of Section 80 of the Finance Act, 1994 – Penalty has to be either the quantum imposed under Section 76 or Nil if reasonable cause is shown – Penalty under Section 76 of the Finance Act, 1994 by original authority is restored. IN THE CUSTOMS, EXCISE AND SERVICE TAX APPELLATE TRIBUNAL WEST ZONAL BENCH, AHMEDABAD COURT NO.II Appeal No. ST/315 of 2009 A...