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1979 (6) TMI 101 - AT - Wealth-taxExtract: .......tax penalties should have been levied at the rate of 2 per cent of the tax for every month of default and not exceeding in the aggregate 50 per cent of the tax. However, we have by this order upheld the order of the AAC cancelling the penalties on the ground that there was reasonable cause for the delay. 7. In the result, the appeals are dismissed.
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