Pay Duty and 25% Penalty Within Set Timeframe for Reduced Penalty; No Extensions Allowed u/s 11AC.

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....Benefit of reduced penalty - When the legislature specifically fixes the time limit within which the duty with interest and penalty at 25% is to be paid for availing the incentive, it would neither be open to the appellate authority nor any other authority to permit the assessee to pay 25% penalty at any time other than the time prescribed under Section 11AC. - HC....