Section 48 - Amendment of section 271 - Taxation Laws (Amendment) Act, 1970

48. Amendment of section 271. In section 271 of the Income-tax Act, in sub-section (4A), for the proviso, the following proviso shall be substituted, namely: -- Provided that- (i) if in a case the minimum penalty imposable under clause (i) of sub-section (1) for the relevant assessment year, or, where such disclosure relates to more than one assessment year, the aggregate of the minimum penalty imposable under the said clause for those years, exceeds a sum of fifty thousand rupees, or (ii) if in a case falling under clause (c) of sub-section (1), the amount of income in respect of which penalty is imposable for the relevant assessment year, or, where such disclosure relates to more than one assessment year, the aggregate amount of such income for those years, exceeds a sum of five hundred thousand rupees, no order reducing or waiving the penalty shall be made by the Commissioner unless the previous approval of the Board has been obtained. .