(4)Without prejudice to the powers conferred on him by any other provision of 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, 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:[Provided that where the amount of any penalty payable under this Act or, where such application relates to more than one penalty, the aggregate amount of such penalties exceeds one hundred thousand rupees, no order reducing or waiving the amount or compounding any proceeding for its recovery under this sub-section shall be made by ] [ Inserted by Act 67 of 1984, Section 50 (w.e.f. 1.10.1984).][the Commissioner except with the previous approval of the Chief Commissioner or Director General, as the case may be] [[ Substituted by Act 38 of 1993, Section 36, for " the Chief Commissioner or</p>Commissioner except with the previous approval of the Board" (w.e.f. 1.6.1993).]].]
