Amendment of section 440.

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....for sub-sections (1) t o ( 4), the 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 assessm....

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....nt and levy of penalty referred to in clauses (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 a....