Restriction on penalty reduction: Commissioner must obtain Board approval before reducing or waiving penalties exceeding statutory thresholds. The substituted proviso requires that the Commissioner may not make any order reducing or waiving a penalty without the prior approval of the Board where either the aggregate minimum penalty imposable exceeds the prescribed monetary threshold or, in cases under the specified clause, the aggregate amount of income subject to penalty for the relevant assessment year(s) exceeds the higher monetary threshold; the rule applies to disclosures covering more than one assessment year by aggregating penalties or income.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Restriction on penalty reduction: Commissioner must obtain Board approval before reducing or waiving penalties exceeding statutory thresholds.
The substituted proviso requires that the Commissioner may not make any order reducing or waiving a penalty without the prior approval of the Board where either the aggregate minimum penalty imposable exceeds the prescribed monetary threshold or, in cases under the specified clause, the aggregate amount of income subject to penalty for the relevant assessment year(s) exceeds the higher monetary threshold; the rule applies to disclosures covering more than one assessment year by aggregating penalties or income.
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