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of <h1>Finance Bill 2016: No Penalty for Equalisation Levy Failures if Reasonable Cause Shown Under Sections 168/169</h1> Clause 170 of the Finance Bill, 2016, regarding the Equalisation Levy, states that no penalty will be imposed for failures outlined in sections 168 or 169 if the assessee demonstrates a reasonable cause for such failures to the satisfaction of the Assessing Officer. Additionally, before any penalty is imposed under this chapter, the assessee must be given a reasonable opportunity to be heard.
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