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<h1>Madhya Pradesh HC upholds Income-tax penalty order, assessee to bear costs.</h1> The HC of Madhya Pradesh upheld the penalty order under the Income-tax Act, stating it was within the limitation period. The assessee was deemed to have ... Penalty The High Court of Madhya Pradesh held that the penalty order was passed within the prescribed period of limitation under section 275 of the Income-tax Act, 1961. The Court also ruled that the assessee was provided with a reasonable opportunity to be heard against the proposed penalty. The Tribunal's decisions on both issues were upheld, and the assessee was ordered to pay the costs of the reference to the Department.