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2003 (12) TMI 26 - PUNJAB AND HARYANA HIGH COURTDelay in filing the return – penalty – petitioner submitted that though levy of penalty may be justified when there was unexplained delay in filing the return but having regard to the fact that the returns were filed voluntarily without notice under section 14(2) of the Act having been issued and full disclosure of net wealth was made, the amount of penalty should be reasonable and proportionate to the tax assessed - Revenue is unable to show any reason as to why the amount of penalty should not be reduced - Having regard to the quantum of tax assessed and the fact that the petitioner filed returns voluntarily disclosing his wealth, though belatedly, penalty imposed is reduced by 50 per cent.
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