Penalty Waiver Framework: links under-reporting penalty regime to waiver conditions and requires prompt statutory decision timeline. Amendment inserts references to section 270A in sub-section (1), its Explanation and sub-section (2)(b) of section 273A so that waiver or reduction of penalty accords with penalties for under-reporting and misreporting under section 270A. It further adds sub section (4A) requiring the Principal Commissioner or Commissioner to pass an order accepting or rejecting an application under sub-section (4) within twelve months of the end of the month of receipt and mandates an opportunity of being heard before any rejection, with a transitional deadline for pending applications.
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Penalty Waiver Framework: links under-reporting penalty regime to waiver conditions and requires prompt statutory decision timeline.
Amendment inserts references to section 270A in sub-section (1), its Explanation and sub-section (2)(b) of section 273A so that waiver or reduction of penalty accords with penalties for under-reporting and misreporting under section 270A. It further adds sub section (4A) requiring the Principal Commissioner or Commissioner to pass an order accepting or rejecting an application under sub-section (4) within twelve months of the end of the month of receipt and mandates an opportunity of being heard before any rejection, with a transitional deadline for pending applications.
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