https://www.taxtmi.com/acts?id=2947 Section 87 sets conditional mitigation and cancellation mechanisms for penalties: penalties are cancelled if the taxable amount is wholly reduced; voluntary written disclosure to the Commissioner before or after audit notification yields staged reductions; reliance on a Commissioner determination or ruling negates penalty liability; prompt disclosure and payment during specified proceedings permits substantial reduction. The section also mandates escalated specified penalties for subsequent similar failures where prior penalties were assessed and not fully remitted after objection. en-us Sat, 19 Jan 2008 22:45:54 +0530 Thu, 30 May 2013 16:21:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=2947 Section 87 sets conditional mitigation and cancellation mechanisms for penalties: penalties are cancelled if the taxable amount is wholly reduced; voluntary written disclosure to the Commissioner before or after audit notification yields staged reductions; reliance on a Commissioner determination or ruling negates penalty liability; prompt disclosure and payment during specified proceedings permits substantial reduction. The section also mandates escalated specified penalties for subsequent similar failures where prior penalties were assessed and not fully remitted after objection. Act-Rules VAT - Delhi Sat, 19 Jan 2008 22:45:54 +0530 https://www.taxtmi.com/acts?id=2947