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of <h1>Assessing officer may levy Rs 10,000 penalty per failure to comply with notice under section 121(1)</h1> If the assessing officer, during proceedings under this Chapter, is satisfied that an assessee failed to comply with a notice issued under subsection (1) of section 121, the officer may impose a penalty of ten thousand rupees for each such failure, payable in addition to any commodities transaction tax and any interest due.
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