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

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....n by the ^7[Assessing] Officer, of the concealment of particulars 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 relati....

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....on to other assessment year or years if he makes an application to the income-tax authority referred to in sub-section (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)....

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.... ^20[as they stood immediately before their amendment by the Direct Tax Laws (Amendment) Act, 1989] shall apply to and in relation to any assessment for 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....

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....the Direct Tax Laws (Amendment) Act, 1989 w.e.f. 01-04-1989 before it was read as,  "(iii) reduce or. waive the amount of interest paid or payable under sub-section (8) of section 139 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 rea....

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....etection by the Income-tax Officer of the concealment of particulars of income or of the inaccuracy of particulars furnished in respect of such income, voluntarily and in good faith, a disclosure of such particulars." Earlier, Inserted vide Section 50 of 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 impos....

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....Section 51 of the Direct Tax Laws (Amendment) Act, 1989 w.e.f. 01-04-1989  21. Inserted vide Section 48 of the Finance Act, 1994 w.e.f. 01-06-1994 22.  Inserted vide Section 4 of the Finance (No. 2) Act, 2014 w.e.f. 01-06-2013 22A. Inserted vide Section 4 of the Finance (No. 2) Act, 2014 w.e.f. 01-06-2013 22B. Inserted vide Section 4 of the Finance (No. 2) Act, 2014 w.e.f. 01-06-2013 22C. Inserted vide Section 4 of the Finance (No. 2) Act, 2014 w.e.f. 01-06-2013 22D. Inserted vide Section 4 of the Finance (No. 2) Act, 2014 w.e.f. 01-06-2013 22E. Inserted vide Section 4 of the Finance (No. 2) Act, 2014 w.e.f. 01-06-2013 22F. Inserted vide Sectio....