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of <h1>Non-compliance with Section 108 Notice Leads to Daily Penalty by Assessing Officer, as per Finance Act 2008.</h1> If an assessee fails to comply with a notice under subsection (1) of section 108 during proceedings under this Chapter, the Assessing Officer may impose a penalty. This penalty is in addition to any commodities transaction tax and interest payable. The penalty is ten thousand rupees for each day the non-compliance continues, as stipulated by the Finance Act, 2008, under the Commodities Transaction Tax provisions.
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