Power to reduce or waive penalty in certain cases - Section 273A

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..... Waiver may be suo moto or otherwise: This power can be exercised by the Commissioner on his own motion or on an application made by the assessee. Conditions to be satisfied for waiver/reduction: The Commissioner shall exercise this power if he is satisfied that The assessee has prior to detection by the Assessing Officer, of the concealment of particulars of income or of the inaccura .....

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..... g his reasons for doing so, reduce or waive the amount of any penalty payable by the assessee under the Act if he is satisfied that: To do otherwise would cause genuine hardship to the assessee, having regard to the circumstances of the case and The assessee has cooperated in any enquiry relating to assessment or any proceeding for the recovery of any amount due from him. Note:- Wh .....

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..... der made under this section shall be final and shall not be called into question by any court or any other authority. Interest u/s 234A, 234B or 234C cannot be wived or reduced by the Principal Commissioner or Commissioner u/s 273A. - Manuals - Ready reckoner - Law and practice - Reference Guide - Quick Commentary Tax Management India - taxmanagementindia - taxmanagement - taxmanagem .....

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