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

Income Tax - Penalties - Circumstances, Procedures and Relief - 10 - Section 273A(1): Notwithstanding anything contained in this Act, the commissioner may, in his discretion, reduce or waive the amount of penalty imposed or imposable under section 271(1)(c) of the Act. Section 273A(1): This power can be exercised by the Commissioner on his own motion or on an application made by the assessee. Section 273A(1): The Commissioner shall exercise this power if he is satisfied that The assessee has coo .....

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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 assessee under the Act if he is sa .....

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