Discretion to waive interest should favour assessees when registration is refused, reducing interest on tax-status computation differences. Rule 40(5) empowers the Inspecting Assistant Commissioner to reduce or waive interest under section 217(1A); the Board directs that where continuation of registration is refused at the time of regular assessment, the Inspecting Assistant Commissioner should reduce or waive interest to the extent of the interest on the difference between tax demanded or paid in the status of a registered firm and tax computed in the status of an unregistered firm on the income for which advance tax was demanded or an estimate filed.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Discretion to waive interest should favour assessees when registration is refused, reducing interest on tax-status computation differences.
Rule 40(5) empowers the Inspecting Assistant Commissioner to reduce or waive interest under section 217(1A); the Board directs that where continuation of registration is refused at the time of regular assessment, the Inspecting Assistant Commissioner should reduce or waive interest to the extent of the interest on the difference between tax demanded or paid in the status of a registered firm and tax computed in the status of an unregistered firm on the income for which advance tax was demanded or an estimate filed.
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