Amendment of section 271

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.... the Commissioner may, in his discretion- (i) reduce or waive the amount of minimum penalty imposable on a person under clause (i) of sub-section (1) for failure, without reasonable cause, to furnish the return of total income which such person was required to furnish under sub-section (1) of section 139, or (ii) reduce or waive the amount of minimum penalty imposable on a person....

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....actory arrangements for payment of any tax or interest payable in consequence of an order passed under this Act in respect of the relevant assessment year: Provided that if in a case the minimum penalty imposable under clause (i) or, as the case may be, clause (iii) of sub-section (1) in respect of the relevant assessment year, or where such disclosure relates to more than one assessment ....