Which provision of the Income-tax Act, 2025 sets out the Principal Commissioner’s or Commissioner’s power to reduce or waive penalty in qualifying cases?

Section 469 of the Income-tax Act, 2025 empowers the Principal Commissioner or Commissioner to reduce or waive a penalty, either for voluntary full disclosure under section 469(1) or for genuine hardship under section 469(5). Section 439 imposes the penalty for under-reporting and misreporting, and section 444 the penalty for false entries.