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of <h1>No Penalty for Failures Under Sections 111-113 if Reasonable Cause Shown and Opportunity Given: Finance Act, 2008</h1> Section 114 of the Finance Act, 2008, concerning the Commodities Transaction Tax, stipulates that no penalty shall be imposed for failures outlined in sections 111, 112, or 113 if the assessee demonstrates a reasonable cause to the Assessing Officer's satisfaction. Additionally, before any penalty order is issued under this Chapter, the assessee must be provided a reasonable opportunity to present their case.
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