https://www.taxtmi.com/circulars?id=9729 Section 273A(4) permits the Commissioner, on an assessee's application and after recording reasons, to reduce or waive penalties or to stay or compound recovery proceedings if non exercise would cause genuine hardship and the assessee has co operated; such relief is available only where a penalty has been levied and recovery proceedings exist. en-us Thu, 13 Feb 1986 00:00:00 +0530 Wed, 08 Jun 2011 17:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=9729 Section 273A(4) permits the Commissioner, on an assessee's application and after recording reasons, to reduce or waive penalties or to stay or compound recovery proceedings if non exercise would cause genuine hardship and the assessee has co operated; such relief is available only where a penalty has been levied and recovery proceedings exist. Circulars Income Tax Thu, 13 Feb 1986 00:00:00 +0530 https://www.taxtmi.com/circulars?id=9729