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of <h1>Non-compliance with Section 111 Notice under Clause 116 of Finance Bill, 2013, incurs 10,000 penalty per instance.</h1> Clause 116 of the Finance Bill, 2013, concerning the Commodities Transaction Tax, stipulates that if an assessee fails to comply with a notice issued under sub-section (1) of section 111, the Assessing Officer may impose a penalty. This penalty is an additional sum of ten thousand rupees for each instance of non-compliance, on top of any commodities transaction tax and interest that may be due.
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