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of <h1>Finance Bill 2013: No Penalty for Non-Compliance if Reasonable Cause Shown; Assessee Must Be Heard First</h1> Clause 117 of the Finance Bill, 2013, relating to the Commodities Transaction Tax, stipulates that penalties under clauses 114, 115, or 116 will not be imposed if the assessee demonstrates a reasonable cause for non-compliance. Additionally, it mandates that no penalty order shall be issued without providing the assessee a reasonable opportunity to be heard.
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