Power to waive the penalty lies with whom?

Hi, Assessee has got some unexplained drawings( no supporting documents). AO has charged the same as income by saying that it is hidden Income and assessee has agreed for charging as the same as income. my doubt is whether the AO has power to waive the Penalty for hidden Income?
Replies (4)

You have to make an application separately to waive the penality

Powers are with the comissioner of income tax

 

Is there any case law or Rule stating that we can make an application to Assessing officer?

power is held with comissioner or Principal comissioner only

ok.. thank u so much

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