TMI BlogAutomatic mitigation and increase of penaltiesX X X X Extracts X X X X X X X X Extracts X X X X ..... s been paid, it shall be refunded. (2) If - (a) a person is liable to pay a penalty under 1 [***] sub-section (12) of section 86 of this Act; and (b) the person voluntarily discloses to the Commissioner in writing the existence of the tax deficiency before the Commissioner informs the person that an audit of the person's tax obligations is to be carried out; ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd (c) the decision to adopt that treatment was made by the person relying on a determination given to the person by the Commissioner under section 84 of this Act or a ruling issued by the Commissioner under section 85 of this Act; the amount of the penalty otherwise due shall be reduced to nil. (5) Where - (a) penalty under this Act has been assessed; ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , during the course of proceedings under section 60 ; and (c) makes payment of such tax deficiency within three working days of the conclusion of the said proceedings; the amount of the penalty otherwise due, against the admitted and paid tax, shall be reduced by eighty per cent.] ------------------------------------ Notes:- 1. Omitted for the words, brackets and letters ..... X X X X Extracts X X X X X X X X Extracts X X X X
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