Power to reduce or waive penalty, etc., in certain cases

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.... of income or of the inaccuracy of particulars furnished in respect of such income, voluntarily and in good faith, made full and true disclosure of such particulars, (c ) 8[****] and also has, 9[in the case referred to in clause (b)], co-operated in any enquiry relating to the assessment of his income and has either paid or made satisfactory arrangements for the payment of any tax or interest payable in consequence of an order passed under this Act in respect of the relevant assessment year. Explanation 10[****].-For the purposes of this sub-section, a person shall be deemed to have made full and true disclosure of his income or of the particulars relating thereto in any case where the excess of income assessed over the income retu....

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....ection (4) at any time before the 1st day of April, 1992.] (4) Without prejudice to the powers conferred on him by any other provision of this Act, the 15[16[****] 22D[Principal Commissioner or] Commissioner] may, on an application made in this behalf by an assessee, and after recording his reasons for so doing, reduce or waive the amount of any penalty payable by the assessee under this Act or stay or compound any proceeding for the recovery of any such amount, if he is satisfied that- (i) to do otherwise would cause genuine hardship to the assessee, having regard to the circumstances of the case; and (ii) the assessee has co-operated in any inquiry relating to the assessment or any proceeding for the recovery of any amount due from h....

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....r the assessment year commencing on the 1st day of April, 1988, or any earlier assessment year, and references in this section to the other provisions of this Act shall be construed as references to those provisions as for the time being in force and applicable to the relevant assessment year.] 21[(7) Notwithstanding anything contained in sub-section (6), the provisions of sub-section (1), sub-section (2), or, as the case may be, sub-section (4) [as they stood immediately before their amendment by the Direct Tax Laws (Amendment) Act, 1989 (3 of 1989)], shall apply in the case of reduction or waiver of penalty or interest in relation to any assessment for the assessment year commencing on the 1st day of April, 1988 or any earlier assessment....

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....39 or section 215 or section 217 or the penalty imposed or imposable under section 273," 6. Omitted vide Section 51 of the Direct Tax Laws (Amendment) Act, 1989 w.e.f. 01-04-1989 before it was read as,  "(a) in the case referred to in clause (i), has, prior to the issue of a notice to him under sub-section (2) of section 139, voluntarily and in good faith made full and true disclosure of his income;" 7. Substituted vide Section 2 of the Direct Tax Laws (Amendment) Act, 1987 w.e.f. 01-04-1988 before it was read as, "Income-tax"  8. Omitted vide Section 51 of the Direct Tax Laws (Amendment) Act, 1989 w.e.f. 01-04-1989 before it was read as,  "(c) in the cases referred to in clause (iii), has, prior to t....

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....f the Taxation Laws (Amendment) Act, 1984 w.e.f. 01-10-1984 12. Omitted vide Section 51 of the Direct Tax Laws (Amendment) Act, 1989 w.e.f. 01-04-1989 before it was read as,  "(a) if in a case the penalty imposed or imposable under clause (i) of sub-section (1) of section 271 or the minimum penalty imposable under section 273 for the relevant assessment year, or, where such disclosure relates to more than one assessment year, the aggregate of the penalty imposed or imposable under the said clause or of the minimum penalty imposable under the said section for those years, exceeds a sum of one hundred thousand rupees, or" Earlier, Amended vide Section 50 of the Taxation Laws (Amendment) Act, 1984 w.e.f. 01-10-1984 13....