Reduction or waiver of interest under Rule 40 clarified; referral to inspecting officer limited by administrative threshold. Interest under sections 215 and 217 may be reduced or waived under Rule 40; Income-tax Officers can act under sub-rules (1)-(4) and Inspecting Assistant Commissioners under sub-rule (5). Board amended Office Manual guidance so Income-tax Officers refer waiver proposals under sub-rules (1)-(4) to the Inspecting Assistant Commissioner only when interest exceeds Rs.1,000, and the Inspecting Assistant Commissioner need not refer cases to the Commissioner where he approves a proposal or exercises his discretion.
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Reduction or waiver of interest under Rule 40 clarified; referral to inspecting officer limited by administrative threshold.
Interest under sections 215 and 217 may be reduced or waived under Rule 40; Income-tax Officers can act under sub-rules (1)-(4) and Inspecting Assistant Commissioners under sub-rule (5). Board amended Office Manual guidance so Income-tax Officers refer waiver proposals under sub-rules (1)-(4) to the Inspecting Assistant Commissioner only when interest exceeds Rs.1,000, and the Inspecting Assistant Commissioner need not refer cases to the Commissioner where he approves a proposal or exercises his discretion.
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