text: POWER OF PRINCIPAL COMMISSIONER OR COMMISSIONER TO REDUCE OR WAIVE PENALTY
  In the tutorial on 'Penalties Under the Income-tax Act', we discussed various penalties imposable under the Income-tax Act in respect of various defaults. Apart from enacting penalty provisions, the Income-tax Act also designed provisions empowering the Principal Commissioner of Income-tax or Commissioner of Income-tax to grant relief from penalty to taxpayers in genuine cases. Such power is granted under section 273A and section 273AA. In this part you can gain knowledge about the provisions of section 273A and section 273AA.
  Determination of undisclosed income of block period Section 158BFA(2) Minimum : 100 per cent of tax
  leviable in respect of undisclosed income
  Under-reporting and misreporting of income Section 270A(1) A sum equal to 50% of the amount of tax payable on
  under-reported income.However, if under-reported income is in consequence of any misreporting thereof by any person, the penalty shall be equal to 200% of the amount of tax payable on under-reported income
  Failure to comply with notice issued under section 142(1) or section 143(2) and direction for audit under
  section 142(2A). Section 271(1)(b) Rs. 10,000 for each failure. This section shall not apply to and in relation to any assessment for the A.Y commencing on or after the 1st day of April, 2017.
  Section 271(1)(c) 100% to 300% of the tax evaded.
  *"Specified sum" means any sum of money receivable, whether as advance or otherwise, in relation to transfer of an immovable property, whether or not the transfer takes place.
  Section 271D An amount equal to loan or deposit or specified sum so taken or accepted
  *"Specified advance" means any sum of money in the nature of advance, by whatever name called, in relation to transfer of an immovable property, whether or not transfer takes
  Section 271E An amount equal to loan or deposit or specified advance so repaid
  *Section 285A provides that where any share or interest of foreign company derives its value substantially from assets located in India, and such company holds such assets in India through Indian Concern then such Indian concern shall furnish the prescribed information to the income-tax authority.
  Section 271GA the effect of directly or indirectly transferring the right of management or control in relation to the Indian concern;
  Failure to furnish report under section 286(2) Section 271GB(1) Rs. 5,000 per day up to 30 days and Rs. 15,000 per day beyond 30 days.
  Failure to furnish report or failure to produce information/documents under section 286 even after serving order under section 271GB(1) or 271GB(2) Section 271GB(3) Rs. 5,00,000
  ( Republished with Amendments, Source- Income Tax Act, Rules and http://www.incometaxindia.gov.in/ )