https://www.taxtmi.com/acts?id=53201 Section 440 is amended to allow an assessee to obtain waiver of penalty and immunity from prosecution by the Assessing Officer where tax and interest due under an assessment/reassessment are paid timely, an additional income tax is paid in lieu of penalty (100% for misreporting categories (a)-(f); 120% for category (g)), no appeal has been filed, the application is made within the prescribed one month period, and no proceeding has been initiated. en-us Sun, 01 Feb 2026 15:30:28 +0530 Sun, 01 Feb 2026 15:30:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=53201 Section 440 is amended to allow an assessee to obtain waiver of penalty and immunity from prosecution by the Assessing Officer where tax and interest due under an assessment/reassessment are paid timely, an additional income tax is paid in lieu of penalty (100% for misreporting categories (a)-(f); 120% for category (g)), no appeal has been filed, the application is made within the prescribed one month period, and no proceeding has been initiated. Act-Rules Bills Sun, 01 Feb 2026 15:30:28 +0530 https://www.taxtmi.com/acts?id=53201