Waiver or reduction of interest: discretionary relief when return is filed and tax paid, subject to prescribed conditions. The Order empowers the Chief Commissioner of Income-tax and the Director General of Income-tax to grant a waiver or reduction of interest under specified provisions where the assessee has filed the return for the relevant year and paid the entire income-tax, subject to conditions. Relief is available in cases of delay due to search and seizure, unforeseen non-capital income paid in later instalments, retrospective changes in taxability leading to advance-tax shortfall, and voluntary filing after unavoidable delay; waiver for late filing is confined to the search/seizure and voluntary-filing situations. Earlier related instructions are superseded and past petitions may be reconsidered.
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.
Waiver or reduction of interest: discretionary relief when return is filed and tax paid, subject to prescribed conditions.
The Order empowers the Chief Commissioner of Income-tax and the Director General of Income-tax to grant a waiver or reduction of interest under specified provisions where the assessee has filed the return for the relevant year and paid the entire income-tax, subject to conditions. Relief is available in cases of delay due to search and seizure, unforeseen non-capital income paid in later instalments, retrospective changes in taxability leading to advance-tax shortfall, and voluntary filing after unavoidable delay; waiver for late filing is confined to the search/seizure and voluntary-filing situations. Earlier related instructions are superseded and past petitions may be reconsidered.
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