Waiver of penalty: full tax payment by notified date closes proceedings and prevents interest and penalty liability. The Government may waive penalty and late fee where a taxpayer pays the full tax due for specified past periods by a notified date in response to a notice or statement; on such payment interest and penalty are not payable and proceedings are deemed concluded, subject to exclusions for erroneous refunds and pending unwithdrawn appeals. If subsequent appellate or revisional orders create additional tax, that additional tax must be paid within a short period, with interest and penalty already paid and not refundable. Proceedings concluded under the waiver bar appeals against the originating notice or order.
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.
Waiver of penalty: full tax payment by notified date closes proceedings and prevents interest and penalty liability.
The Government may waive penalty and late fee where a taxpayer pays the full tax due for specified past periods by a notified date in response to a notice or statement; on such payment interest and penalty are not payable and proceedings are deemed concluded, subject to exclusions for erroneous refunds and pending unwithdrawn appeals. If subsequent appellate or revisional orders create additional tax, that additional tax must be paid within a short period, with interest and penalty already paid and not refundable. Proceedings concluded under the waiver bar appeals against the originating notice or order.
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 
