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109. Penalty not to be imposed in certain cases. |
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—(1) Notwithstanding anything contained in section 106 or section 107 or section 108, no penalty shall be imposable for any failure referred to in the said sections, if the assessee proves to the satisfaction of the Assessing Officer that there was reasonable cause for the said failure.
(2) No order imposing a penalty under this Chapter shall be made unless the assessee has been given a reasonable opportunity of being heard.
Clauses 101 to 114 provide for collection and recovery of commodities transaction tax, furnishing of returns, assessment procedure, power of Assessing Officer, rectification of mistake, chargeability of interest, levy of penalty, institution of prosecution and filing of appeals. Further, it also provides that various procedural provisions in the Income-tax Act will, so far as may be, apply in relation to commodities transaction tax.
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