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TMI BlogPower to reduce or waive penalty, etc., in certain casesX X X X Extracts X X X X X X X X Extracts X X X X ..... of income or of the inaccuracy of particulars furnished in respect of such income, voluntarily5 and in good faith, made full and true disclosure of such particulars, (c ) 8[***] and also has, 9[in the case referred to in clause (b)], co-operatedin any enquiry relating to the assessment of his income and has either paid or made satisfactory arrangements for the payment of any tax or interest payable in consequence of an order passed under this Act in respect of the relevant assessment year. Explanation 10[***].-For the purposes of this sub-section, a person shall be deemed to have made full and true disclosure of his income or of the particulars relating thereto in any case where the excess of income assessed over the income returned is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... time before the 1st day of April, 1992.] (4) Without prejudice to the powers conferred on him by any other provision of this Act, the 15[16[***] 22[Principal Commissioner or] Commissioner] may, on an application made in this behalf by an assessee, and after recording his reasons for so doing, reduce or waive the amount of any penalty payable by the assessee under this Act or stay or compound any proceeding for the recovery of any such amount, if he is satisfied that- (i) to do otherwise would cause genuine hardship to the assessee, having regard to the circumstances of the case; and (ii) the assessee has co-operated in any inquiry relating to the assessment or any proceeding for the recovery of any amount due from him: 17[Provided th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... commencing on the 1st day of April, 1988, or any earlier assessment year, and references in this section to the other provisions of this Act shall be construed as references to those provisions as for the time being in force and applicable to the relevant assessment year.] 21[(7) Notwithstanding anything contained in sub-section (6), the provisions of sub-section (1), sub-section (2), or, as the case may be, sub-section (4) [as they stood immediately before their amendment by the Direct Tax Laws (Amendment) Act, 1989 (3 of 1989)], shall apply in the case of reduction or waiver of penalty or interest in relation to any assessment for the assessment year commencing on the 1st day of April, 1988 or any earlier assessment year, with the modifi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as inserted by the Taxation Laws (Amendment) Act, 1984, w.e.f. 1-10-1984, omitted by the Finance Act, 1985, w.e.f. 24-5-1985. 12. Omitted by the Direct Tax Laws (Amendment) Act, 1989, w.e.f. 1-4-1989. Prior to its omission, clause (a) was amended by the Taxation Laws (Amendment) Act, 1984, w.e.f. 1-10-1984. 13. Substituted for "the Chief Commissioner or Commissioner except with the previous approval of the Board" by the Finance Act, 1993, w.e.f. 1-6-1993. Earlier, the words "Chief Commissioner or Commissioner" were substituted for "Commissioner" by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988. 14. Inserted by the Finance (No. 2) Act, 1991, w.e.f. 27-9-1991. 15. Substituted for "Commissio ..... X X X X Extracts X X X X X X X X Extracts X X X X
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