Waiving of Penalty Proceedings

Anurag Singh (student) (27 Points)

24 March 2021  
What will be the justification for waving the penalty proceeding if the order passed cites the reason for addittion as non filing of normal return and cash deposit of 65 lacs in saving account?
Also the penalty Amount is 100 to 300 Percent of tax.
How the percentage of penalty to be levied is be determined by assessing officer?