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of <h1>Interest Waiver Available When Seized Cash in PD Accounts Prevents Advance Tax Payments Under Sections 234B and 234C</h1> The circular reiterates that Commissioners and Directors General of Income Tax have authority to waive interest under sections 234B and 234C in search cases where seized cash in P.D. Accounts could not be utilized for advance tax payments. This waiver applies when the adjustment is delayed through no fault of the taxpayer. The circular references a previous Board Order dated May 23, 1996, which empowered tax authorities to grant such waivers when they are satisfied that the taxpayer was unable to pay advance tax due to the cash seizure.
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