https://www.taxtmi.com/acts?id=48914 Principal Commissioners or Commissioners may discretionarily reduce or waive penalties under section 439 where the taxpayer made a full and true voluntary disclosure before detection, cooperated with assessment enquiries, and paid or arranged to pay tax or interest. A disclosure is deemed full if the assessed-returned difference does not attract penalties. Multi-year waiver exceeding the high-value threshold and larger aggregate concessions require prior higher-authority approval. Applications invoking genuine hardship may permit reduction, waiver, stay or compounding, must be decided within twelve months, and cannot be rejected without a hearing. Orders under the section are final and not open to challenge. en-us Fri, 14 Feb 2025 14:18:18 +0530 Fri, 14 Feb 2025 14:18:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=48914 Principal Commissioners or Commissioners may discretionarily reduce or waive penalties under section 439 where the taxpayer made a full and true voluntary disclosure before detection, cooperated with assessment enquiries, and paid or arranged to pay tax or interest. A disclosure is deemed full if the assessed-returned difference does not attract penalties. Multi-year waiver exceeding the high-value threshold and larger aggregate concessions require prior higher-authority approval. Applications invoking genuine hardship may permit reduction, waiver, stay or compounding, must be decided within twelve months, and cannot be rejected without a hearing. Orders under the section are final and not open to challenge. Act-Rules Bills Fri, 14 Feb 2025 14:18:18 +0530 https://www.taxtmi.com/acts?id=48914