(1)Notwithstanding anything contained in this Act, the ][[* * *] [Substituted by Act 4 of 1988, Section 2, for " Commissioner" (w.e.f. 1.4.1988).][Commissioner] [Substituted by Act 4 of 1988, Section 2, for " Commissioner" (w.e.f. 1.4.1988).] may, in his discretion, whether on his own motion or otherwise,-[* * *] [ Omitted by Act 3 of 1989, Section 51 (w.e.f. 1.4.1989).](ii)reduce or waive the amount of penalty imposed or imposable on a person under clause (iii) of sub-section (1) of section 271; or[* * *] [ Omitted by Act 3 of 1989, Section 51 (w.e.f. 1.4.1989).]if he is satisfied that such person-[* * *] [ Omitted by Act 3 of 1989, Section 51 (w.e.f. 1.4.1989).](b)in the case referred to in clause (ii), has, prior to the detection by the [Assessing Officer] [ Substituted by Act 4 of 1988, Section 2, for " Income-tax Officer" (w.e.f. 1.4.1988).], of the concealment of particulars of income or of the inaccuracy of particulars furnished in respect of such income, voluntarily and in good faith, made full and true disclosure of such particulars;[* * *] [ Omitted by Act 3 of 1989, Section 51 (w.e.f. 1.4.1989).]and also has, [in the case referred to in clause (b)] [ Substituted by Act 3 of 1989, Section 51, for " in all the cases referred to in clauses (a), (b) and (c)" (w.e.f. 1.4.1989).], co-operated in 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 1] [ Explanation renumbered by Act 67 of 1984, Section 50 (w.e.f. 1.10.1984).].-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 of such a nature as not to attract the provisions of clause (c) of sub-section (1) of section 271.[* * *] [ Omitted by Act 32 of 1985, Section 34 (w.e.f. 1.10.1984).]
