1992 (1) TMI 73

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....st under section 139(8) and section 217 of the Income-tax Act, 1961 ("Act" for short), for the assessment years 1974-75 to 1976-77. He levied interest under section 139(8) and section 217 of the Act for the assessment year 1981-82. So far as the assessment year 1985-86 was concerned, he levied interest under section 139(8) and section 217 of the Act. There is nothing on record to indicate whether any penalty was levied on the petitioner under section 217(1)(a) and section 273 of the Act for the assessment years 1981-82 and 1985-86. The petitioner made common application under section 273A of the Act for waiver of penalty and interest levied for the aforesaid assessment years to the Commissioner of Income-tax, Vadodara ("Commissioner" for sh....

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....judgment delivered today. We have held in our said judgment as follows (at page 207) : "The Commissioner has been empowered to reduce or waive the amount of penalty imposed or imposable on a person under section 271(1)(i) for failure, without reasonable cause, to furnish the return of total income which he was required to furnish under sub-section (1) of section 139 or to 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. So far as reduction or waiver of amount of penalty imposed or imposable under section 271(1)(i) is concerned, a person seeking reduction or waiver of penalty has to satisfy the Commissioner that ....