Penalty relief for reasonable cause now covers failures under the newly inserted provision, altering penalty imposition rules. The amendment adds a reference to the newly inserted penal provision within the statutory provision that bars imposition of penalty where the taxpayer ... Summary
Penalty relief for reasonable cause now covers failures under the newly inserted provision, altering penalty imposition rules.
The amendment adds a reference to the newly inserted penal provision within the statutory provision that bars imposition of penalty where the taxpayer proves reasonable cause, thereby making failures under that penal provision eligible for the existing reasonable cause exemption; the change is consequential to the new provision and is given prospective effect.
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