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POWER TO REDUCE OR WAIVE PENALTY IN CERTAIN CASES SECTION 273A

Income Tax - Penalties - Circumstances, Procedures and Relief - 10 - Notwithstanding anything contained in this Act, the commissioner may, in his discretion, reduce or waive the amount of penalty imposed or imposable u/s 270A or 271(1)(c) of the Act. 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 sa .....

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ssment year/years and NOTE 1:- If concealed income for various years for which application is made exceeds ₹ 5 lakhs, the Commissioner of Income-tax will take prior approval of Director General or Chief Commissioner. NOTE 2:- Order under section 273(1) can be made in favour of assessee once in his life time. Section 273A(4):- This Commissioner may, on an application made by the assessee and after recording his reasons for doing so, reduce or waive the amount of any penalty payable by the a .....

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