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of <h1>Tax authority allows waiver or reduction of penal interest under sections 234A/234B/234C for deserving cases</h1> The tax authority authorized senior officers to reduce or waive mandatory penal interest under sections 234A/234B/234C for assessment year 1989-90 onward, subject to conditions. Relief is permitted where taxpayers' books were seized in searches, cash seized could not be applied to tax/advance instalments, unexpected non-capital income arose after an instalment and advance tax was subsequently paid, retrospective law or court decisions rendered prior exemptions taxable, or a return was voluntarily filed late without departmental detection due to circumstances beyond the taxpayer's control. This measure aims to mitigate unintended hardship in deserving cases.
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