person.

The Government may, by notification, waivein part or full, any penalty referred to in section 122or section 123 or section 125 or any late feereferred to in section 47 for suchclass of taxpayers andunder such mitigating circumstances as may be specified therein on the recommendations of theCouncil. General disciplines related to penalty. Power to impose penalty incertain cases. Power to waive penalty or fee or both 127