Amendment of section 440.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... following sub-sections shall be substituted, namely:-- "(1) An assessee may make an application to the Assessing Officer to grant waiver of penalty levied under section 439 and immunity from initiation of proceedings under section 478 or 479 on fulfilment of the following conditions: -- (a) the tax and interest payable as per the order of assessment under section 270(10) or reas....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....in clause (a), (b) and (c). (2) An application referred in sub-section (1) shall be made within one month from the end of the month in which the order referred to in the said sub-section is received by the assessee, in such form and verified in such manner, as may be prescribed. (3) The Assessing Officer shall, on fulfilment of the conditions as specified in sub-section (1), and ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....misreporting of income. It is proposed to amend the said section by substituting sub-sections (1) to (4) thereof so as to extend such immunity-- (i) for misreporting of income [under section 439 (11) (a) to (f)], on payment of the tax and interest payable as per the order of assessment or reassessment under section 270(10) or section 279, along with additional income-tax amounting to 1....