2000 (12) TMI 82

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....87. It appears that the petitioner (an assessee) was assessed for the aforementioned assessment years by the Assessing Officer. It further appears that penalty under section 271 of the Act in these years was also imposed by the Assessing Officer. This gave rise to the making of an application (annexure C) by the petitioner under section 273A of the Act to the Commissioner claiming reduction or waiver of penalty so imposed by the Assessing Officer. It is this application that was rejected by the Commissioner by the impugned order which is challenged by the petitioner in this petition. None for the petitioner. Shri R. L. Jain, learned counsel for the respondents. Having perused the record of the case and having heard the submissions of lea....

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.... as not to attract the provisions of clause (c) of sub-section (1) of section 271." A perusal of the aforequoted section shows that this section has been given overriding effect on all other sections of the Act. It empowers the Commissioner to reduce or waive the amount of penalty imposed or imposable provided he is satisfied that the assessee has prior to detection by the Assessing Officer of any 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. The section further provides that it must appear from the record of the case that the assessee has co-operated in any inquiry relating to the assessment of h....