Interest relief under Wealth Tax permitted conditionally where return filed and tax paid, subject to authority discretion. Designated wealth-tax authorities may reduce or waive interest under Section 17B if the assessee has filed the return for the relevant year and paid the entire assessed tax except the interest sought to be reduced or waived. Relief is permissible where delay or nonpayment results from seizure of books or cash during proceedings under Section 132, or where a return is voluntarily filed without detection; authorities may impose additional conditions and may grant relief for assessment years from 1989-90 onwards.
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.
Interest relief under Wealth Tax permitted conditionally where return filed and tax paid, subject to authority discretion.
Designated wealth-tax authorities may reduce or waive interest under Section 17B if the assessee has filed the return for the relevant year and paid the entire assessed tax except the interest sought to be reduced or waived. Relief is permissible where delay or nonpayment results from seizure of books or cash during proceedings under Section 132, or where a return is voluntarily filed without detection; authorities may impose additional conditions and may grant relief for assessment years from 1989-90 onwards.
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