Penalties Apply Only if Valid Recovery u/s 73(1) Initiates; Section 80 Excludes Section 73 from 'Non Obstante' Clause.

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....The question of penalty proceedings would arise only when there could be valid recovery proceedings under Section 73(1) of the Act. That is the reason when the ‘non obstante’ clause in Section 80 refers to only Sections 76, 77 and 78 and not to Section 73 of the Act. - HC....