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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. .....

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tisfied that The assessee has prior to detection by the Assessing Officer, of the concealment of particulars of income or of the inaccuracy of particulars furnished in respect of such income, voluntarily and in good faith, made full and true disclosu .....

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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 sectio .....

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ssessee 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 th .....

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