Section Text
Notwithstanding anything contained in the provisions of1[section 77 or section 78], no penalty sh all be imposable on the assessee for any failure referred to in the said provisions, if the asses see proves that there was reasonable cause for the said failure.
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1 . Substituted for the words "section 76, section 77, section 78 or section 79" by the Finance (No. 2) Act, 2004 w.e.f 10.09.2004.