Amendment status not verified — confirm the current text below against the official source.
The Government may, by notification, waive in part or full, any penalty referred to in section 122or section 123 or section 125 or any late fee referred to in section 47 for such class of taxpayers and under such mitigating circumstances as may be specifiedtherein on the recommendations of the Council. General disciplines related to penalty. Power to impose penalty in certain cases. Power to waive penalty or fee or both 127