Remissions

The Government may, in such circumstances and subject to such conditions as may be prescribed, by notifications,--

(1) remit, whether prospectively or retrospectively, the whole or any part of the tax or penalty or both, payable under this Act or the rules made thereunder --- (a) by any person or class of persons, or (b) in respect of any motor vehicle or class of motor vehicles or motor vehicles running in any particular area; and

(2) cancel or vary such notification.