Section 273A of ITA, 1961 : Section 273A: Power To Reduce Or Waive Penalty, Etc, In Certain Cases
ITA, 1961
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Explanation using Example
Imagine a small business owner, Mr. Sharma, who has inadvertently failed to report some income on his tax return due to an accounting error. Upon realizing the mistake, Mr. Sharma voluntarily approaches the tax authorities, before any investigation has begun, to disclose the unreported income. He also cooperates fully with the authorities, provides all the necessary documentation, and arranges to pay the additional tax and interest owed.
In this scenario, under Section 273A of the Income-tax Act, 1961, the Principal Commissioner or Commissioner of Income Tax has the discreti...
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