Prior approval requirement for waiver or reduction of specified tax penalties where thresholds are exceeded limits local authority action. The Board requires prior approval before a Commissioner may reduce or waive specified penalties where either the aggregate amount of penalties under clause (i) of section 271 or section 273 exceeds the monetary threshold, or the aggregate income for relevant years subject to penalty under section 271(1)(c) exceeds the monetary threshold; satisfaction of either condition brings the listed penalties within section 273A(2) and prohibits reduction or waiver without Board approval.
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.
Prior approval requirement for waiver or reduction of specified tax penalties where thresholds are exceeded limits local authority action.
The Board requires prior approval before a Commissioner may reduce or waive specified penalties where either the aggregate amount of penalties under clause (i) of section 271 or section 273 exceeds the monetary threshold, or the aggregate income for relevant years subject to penalty under section 271(1)(c) exceeds the monetary threshold; satisfaction of either condition brings the listed penalties within section 273A(2) and prohibits reduction or waiver without Board approval.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
