https://www.taxtmi.com/caselaws?id=37034 Section 271(4A) was construed as a beneficial, procedural provision giving the Commissioner power to reduce or waive penalty already imposed, not only penalties yet to be imposed, because the phrase "penalty imposable" and the express power to reduce indicated a wider scope. The later insertion of section 273A reinforced the same legislative policy by expressly allowing reduction or waiver after imposition, including in relation to earlier assessment years. As no limitation excluded pending or concluded penalty matters, the Commissioner had jurisdiction to entertain the assessee's application, and refusal to do so was unsustainable. en-us Mon, 02 Jul 1979 00:00:00 +0530 Fri, 26 Mar 2010 11:00:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37034 Section 271(4A) was construed as a beneficial, procedural provision giving the Commissioner power to reduce or waive penalty already imposed, not only penalties yet to be imposed, because the phrase "penalty imposable" and the express power to reduce indicated a wider scope. The later insertion of section 273A reinforced the same legislative policy by expressly allowing reduction or waiver after imposition, including in relation to earlier assessment years. As no limitation excluded pending or concluded penalty matters, the Commissioner had jurisdiction to entertain the assessee's application, and refusal to do so was unsustainable. Case-Laws Income Tax Mon, 02 Jul 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37034