Section 146 - Insertion of new section 128A.

Waiver of interest and penalty where full tax for specified past tax periods is paid by a notified date.

Section 128A grants a conditional waiver of interest under section 50 and penalty where the taxpayer pays the full tax shown in a notice, statement or order arising from section 73-related proceedings for specified past tax periods by a Government-notified date; upon such payment the proceedings are deemed concluded subject to prescribed conditions. The waiver excludes amounts from erroneous refunds and cases with pending unwithdrawn appeals or writs; no refund is available for interest or penalty already paid. Additional tax arising from subsequent appellate or revisional orders must be paid within three months to preserve the concluded status, and certain appeals are barred once proceedings are deemed concluded.