From Asst Yr 2017-18, Assessee Can Apply to AO for Immunity from Penalty & Prosecution!

In my previous post 11 New Penalty RulesThat Affect Assessments for AY 2017-18 , I had indicated that Finance Act 2016 provided a great power to Assessing Officer to provide relief to certain taxpayers from penalty and prosecution. Readers should note till now only Commissioner of Income Tax had the power to waive or reduce…