Golu Bhai 13 February 2020
Dear Akshay, i think here is a need to do a "harmonious construction" for interpret the proviso.
I am agree with the view taken by Mr. Viswa.
One must keep in mind while imposing penalty that fraud is not of a severe nature since it doesn't involve amt. higher than what is limit.
Another thing earlier this was not as it is today, the only problem was therein that there were same penalties for any amount of fraud, and "to make the distinctive penalty for sever fraud and below the limit fraud" was the intention of law maker to amend the provision.