Section 78:-

If the 29[Assistant Commissioner of Central Excise or, as the case may be, Deputy Commissioner of Central Excise] in the course of any proceedings under this Chapter is satisfied that any person has, with intent to evade payment of service tax, suppressed or concealed the value of taxable service or has furnished inaccurate value of such taxable service, he may direct that such person shall pay by way of penalty, in addition to service tax and interest, if any, payable by him, a sum which shall not be less than, but which shall not exceed twice, the amount of service tax sought to be evaded by reason of suppression or concealment of the value of taxable service or the furnishing of inaccurate value of such taxable service:

Provided that if the value of taxable service (as determined by the 29[Assistant Commissioner of Central Excise or, as the case may be, Deputy Commissioner of Central Excise] on assessment) in respect of which value has been suppressed or concealed or inaccurate value has been furnished exceeds a sum of 30[two lakhs] rupees, the 29[Assistant Commissioner of Central Excise or, as the case may be, Deputy Commissioner of Central Excise] shall not issue any direction for payment by way of penalty without the previous approval of the Commissioner of Central Excise.