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of <h1>Appeal allowed, waiver of interest granted under rule 40(1)</h1> <h3>M/s. JAYANTILAL & CO. Versus INCOME TAX OFFICER.</h3> The appeal was allowed in favor of the assessee by the Income Tax Appellate Tribunal (ITAT). The ITAT agreed with the assessee's argument that the delay ... - The appeal was filed by the assessee against the AAC of Income-tax's order dated 7th Feb., 1976 regarding the omission to charge interest under s. 217(IA), IT Act. The assessment year was 1971-72, and the ITO directed interest to be charged later under s. 154(1)(a) IT Act. The assessee argued that the delay in assessment was not its fault, and thus the interest should be waived under r. 40(1). The ITAT agreed with the assessee, finding no glaring mistake for rectification under s. 154(1). The appeal was allowed.
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