Equalisation Levy

Penalty not to be imposed in certain cases.

173. (1) Notwithstanding anything contained in section 171 or section 172, no penalty shall be imposable for any failure referred to in the said sections, if the ²¹[assessee or e-commerce operator] proves to the satisfaction of the Assessing Officer that there was reasonable cause for the said failure.

(2) No order imposing a penalty under this Chapter shall be made unless the ²¹[assessee or e-commerce operator] has been given a reasonable opportunity of being heard.