Waiver of interest under section 234B and 234C in search cases where adjustment out of cash lying in the P.D. Account is delayed for no fault of the assessee
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Interest waiver allowed when seized cash adjustment delays prevent the taxpayer from timely meeting advance tax obligations. Waiver of interest is authorised where an assessee cannot pay advance tax installments because seized cash in a P.D. Account could not be adjusted in time through no fault of the assessee; authorised senior officers may relieve the assessee from interest when satisfied that the inability to utilize seized cash caused delay in meeting advance tax obligations.
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 waiver allowed when seized cash adjustment delays prevent the taxpayer from timely meeting advance tax obligations.
Waiver of interest is authorised where an assessee cannot pay advance tax installments because seized cash in a P.D. Account could not be adjusted in time through no fault of the assessee; authorised senior officers may relieve the assessee from interest when satisfied that the inability to utilize seized cash caused delay in meeting advance tax obligations.
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