Penalty mitigation under section 273A: declarations under the Income Declaration Scheme may qualify as cooperation, limiting prosecution. The circular clarifies that a valid declaration under the Income Declaration Scheme for years not under assessment on an identical issue, coupled with an offer to pay tax and interest for the year pending assessment, shall be treated as having cooperated in any enquiry for the purpose of reducing or waiving penalty; revenue officers are advised to take a lenient view on applications for penalty reduction or waiver in such cases, subject to payment of the entire amount payable under the Scheme and appropriate application under the penalty relief mechanism.
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.
Penalty mitigation under section 273A: declarations under the Income Declaration Scheme may qualify as cooperation, limiting prosecution.
The circular clarifies that a valid declaration under the Income Declaration Scheme for years not under assessment on an identical issue, coupled with an offer to pay tax and interest for the year pending assessment, shall be treated as having cooperated in any enquiry for the purpose of reducing or waiving penalty; revenue officers are advised to take a lenient view on applications for penalty reduction or waiver in such cases, subject to payment of the entire amount payable under the Scheme and appropriate application under the penalty relief mechanism.
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