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Section48
The Finance Act, 1994

Amendment of section 273A

In force Act 32 of 1994 As on 17 Oct 2026

Act 32 of 1994 Ministry Finance Enacted 13 May 1994

Section 48 of the Finance Act, 1994 deals with amendment of section 273A. Amendment of section 273A. 48. In section 273A of the Income-tax Act, after sub-section (6), the following sub-section shall be inserted, with effect from the 1st day of June, 1994, namely:— "(7) Notwithstanding anything contained in sub-section (6), the provisions of sub-section (1), sub-section (2 The Act was enacted on 13 May 1994.

Amendment of section 273A.

48. In section 273A of the Income-tax Act, after sub-section (6), the following sub-section shall be inserted, with effect from the 1st day of June, 1994, namely:—

"(7) Notwithstanding anything contained in sub-section (6), the provisions of sub-section (1), sub-section (2), or, as the case may be, sub-section (4) [as they stood immediately before their amendment by the Direct Tax Laws (Amendment) Act, 1989 (3 of 1989)], shall apply in the case of reduction or waiver of penalty or interest in relation to any assessment for the assessment year commencing on the 1st day of April, 1988 or any earlier assessment year, with the modifications that the power under the said sub-section (1) shall be exercisable only by the Commissioner and instead of the previous approval of the Board, the Commissioner shall obtain the previous approval of the Chief Commissioner or Director General, as the case may be, while dealing with such case".

[Finance Act, 1994]

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Section 48, The Finance Act, 1994 (Act 32 of 1994).

Cross-references

Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.

This section refers to

  1. Income-tax Act s. 273A Power to reduce or waive penalty, etc., in certain cases

Questions about Section 48

What does Section 48 of the Finance Act deal with?

Section 48 of the Finance Act is headed "Amendment of section 273A". Amendment of section 273A. 48. In section 273A of the Income-tax Act, after sub-section (6), the following sub-section shall be inserted, with effect from the 1st day of June, 1994, namely:— "(7) Notwithstanding anything contained in sub-section (6), the provisions of sub-section (1), sub-section (2

How do I find court cases under Section 48 of the Finance Act?

In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Finance Act 1994 48, section 48 Finance Act 1994, section 48 of the Finance Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.

What should I read with Section 48 of the Finance Act, and has it changed?

Its own text turns on Income-tax Act 273A (Power to reduce or waive penalty, etc., in certain cases), so none of them can safely be read on its own.

When was Section 48 of the Finance Act enacted?

Section 48 of the Finance Act, cited as Finance Act 1994 48, was enacted on 13 May 1994 as Act 32 of 1994. It is in force as at the date shown on this page.

Other sections of this Act

Source and method. Compiled from the enactments of Parliament and of the State legislatures as published on India Code, and republished together with commentary and other original matter under section 52(1)(q)(ii) of the Copyright Act, 1957. Structured, cross-referenced and maintained by eCourtsIndia. Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument. This page is not a substitute for legal advice.