Power to reduce or waive penalty in certain cases

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....;       (a) ^5[***]                 (b) in the case referred to in clause (ii), has, prior to the detection by the ^6[Assessing Officer], of the concealment of particulars of assets or of the inaccuracy of particulars fur­nished in respect of any asset or debt in respect of which the penalty is imposable, voluntarily and in good faith made full and true disclosure of such particulars, and also has co-operated in any inquiry relating to the assess­ment of his net wealth 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 ....

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....vour of any person under sub-section (1) on or before the 24th day of July, 1991, such person shall be entitled to further relief only once in relation to other assessment year or years if he makes an application to the wealth-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 ^11[^12[***] 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 ....

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....-6-1993. Before it was read as:-  "Chief Commissioner or" 4. Omitted by the Direct Tax Laws (Amendment) Act, 1989, w.e.f. 1-4-1989. Before omission, clause (i) stood as under: "(i) reduce or waive the amount of penalty imposed or imposable on a person under clause (i) of sub-section (1) of section 18 for failure without reasonable cause to furnish the return of net wealth which such person was required to furnish under sub-section (1) of section 14 ; or" 5. Omitted by the Direct Tax Laws (Amendment) Act, 1989, w.e.f. 1-4-1989. Before omission, clause (a) stood as under: "(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 14, voluntarily and in good faith ma....