TaxTMI 
TaxTMI 
Power to reduce or waive penalty in certain cases - Section 273A
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....r may be suo moto or otherwise: This power can be exercised by the Commissioner on his own motion or on an application made by the assessee. * Conditions to be satisfied for waiver/reduction: The Commissioner shall exercise this power if he is satisfied that - * The assessee has prior to detection by the Assessing Officer, of the concealment of particulars of income or of the inaccuracy of par....
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....₹ 5 Lakhs, - no order reducing or waiving the penalty under section 273A(1) shall be made by the Principal Commissioner or Commissioner except with the previous approval of the Principal Chief Commissioner or Chief Commissioner or Principal Director General or Director General, as the case may be. Relief once in life [ Section 273A(3) ] * Where an order has been made under section 273A(....
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....her provision of this Act, the 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- - To do otherwise would cause genuine....
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...., either accepting or rejecting the application in full or in part, shall be passed within a period of 12 months from the end of the month in which the application under the said sub-section is received by the Principal Commissioner or the Commissioner. However no order rejecting the application the application, either in full or in part shall be passed unless the assessee has been given an opport....