Tribunal Confirms Penalty for Late Filing; No Waiver Granted u/s 80 Due to Lack of Valid Reasons.

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....Delayed filings of return - Penalty u/s 76 - claim of relief for waiver of penalty u/s 80 - Since no acceptable cause or reason had been shown by the appellant for exercising its discretion, for waiving the penalty, u/s 80, the penalty amount levied on the appellant had been confirmed by the Tribunal, is correct - HC....