Waiver of penalty: relief limited to unpaid penalty amounts and recovery should be stayed pending CIT disposal.

Section 273A(4) relief applies only where a penalty has been actually imposed and become payable; waiver or reduction may be considered only in respect of the unpaid portion, and recovery initiated while an application under the section is pending should, where practicable, be stayed until the CIT disposes of the application to avoid aggravating genuine hardship.

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