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2003 (3) TMI 76 - RAJASTHAN HIGH COURT"Whether the Tribunal was right in law in sustaining the penalty of rupees one lakh for each year after proper interpretation of section 271B read with section 273B of the Act?" - we are of the view that the penalty so imposed upon the assessee cannot be sustained as the assessee has reasonable cause for not submitting the accounts before the due date and the same is liable to be set aside hence, the same part of the penalty order is set aside.
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