TMI BlogPower to reduce or waive penalty in certain casesX X X X Extracts X X X X X X X X Extracts X X X X ..... lment of particulars of assets or of the inaccuracy of particulars fur nished in respect of any asset or debt in respect of which the penalty is imposable, voluntarily and in good faith made full and true disclosure of such particulars, and also has co-operated in any inquiry relating to the assess ment of his net wealth and has either paid or made satisfactory arrangements for the payment of any tax or interest payable in consequence of an order passed under this Act in respect of the relevant assessment year. Explanation 7 [***]. For the purposes of this sub-section, a person shall be deemed to have made full and true disclosure of the particulars of his assets or debts in any case where the excess of net wealth assessed ove ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed on him by any other provision of this Act, the 11 [ 12 [***] Commissioner] may, on an application made in this behalf by an assessee, and after record ing his reasons for so doing, reduce or waive the amount of any penalty payable by the assessee under this Act or stay or com pound any proceeding for the recovery of any such amount, if he is satisfied that (i) to do otherwise would cause genuine hardship to the assessee, having regard to the circumstances of the case, and (ii) the assessee has co-operated in any inquiry relating to the assessment or any proceeding for the recovery of any amount due from him. (5) Every order made under this section shall be final and shall not be called in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lause (a) stood as under: "(a) in the case referred to in clause (i), has, prior to the issue of a notice to him under sub-section (2) of section 14, voluntarily and in good faith made full and true disclosure of his net wealth, and" 6. Substituted vide the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988. Before it was read as:- "Wealth-tax Officer" 7. "1" omitted by the Finance Act, 1985, w.e.f. 24-5-1985. Earlier, "1" was inserted by the Taxation Laws (Amendment) Act, 1984, w.e.f. 1-10-1984. 8. Explanation 2 omitted by the Finance Act, 1985, w.e.f. 24-5-1985. Earlier, it was inserted by the Taxation Laws (Amendment) Act, 1984, w.e.f. 1-10-1984 and read as under : " Explanation 2. Where any books of account or o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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