Deemed voluntary disclosure after seizure enables remission but creates Board approval for large penalty reductions. Amendment to section 273A adds Explanation 2 deeming a disclosure made within fifteen days of seizure under section 132 to be voluntary and in good faith if full and true income disclosure is made to the Commissioner; raises the monetary threshold in sub-section (2)(a); and adds a proviso to sub-section (4) requiring prior Board approval before the Commissioner may reduce, waive or compound penalties exceeding the higher threshold.
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Provisions expressly mentioned in the judgment/order text.
Deemed voluntary disclosure after seizure enables remission but creates Board approval for large penalty reductions.
Amendment to section 273A adds Explanation 2 deeming a disclosure made within fifteen days of seizure under section 132 to be voluntary and in good faith if full and true income disclosure is made to the Commissioner; raises the monetary threshold in sub-section (2)(a); and adds a proviso to sub-section (4) requiring prior Board approval before the Commissioner may reduce, waive or compound penalties exceeding the higher threshold.
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