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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>CIT Can Waive Penalties u/s 271(4A) Even With Pending Appeals; No Time Limit for Applications.</h1> The circular addresses clarifications regarding the applicability of Section 271(4A) of the Income-tax Act, 1961. It states that the Commissioner of Income-tax (CIT) can exercise discretion under Section 271(4A) even if an appeal is pending or if the penalty has been confirmed by appellate authorities. The CIT can entertain applications for penalty reduction or waiver if conditions are met, even if previous applications were rejected due to jurisdictional misunderstandings. There is no statutory time limit for filing such applications, and each case should be considered individually. These instructions also apply to Section 18(2A) of the Wealth Tax Act, 1957.
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