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of <h1>Interest Waiver Not Permitted for Funds Seized by Customs u/s 220(2), Clarifies Law Ministry.</h1> The circular addresses a query regarding the reduction or waiver of interest charged under section 220(2) of the Income Tax Act, 1961. The Commissioner sought clarification on whether interest could be reduced or waived for funds seized by Customs and later adjusted towards taxes due. After consulting the Law Ministry, it was determined that the Commissioner cannot reduce or waive such interest through an order under section 264, regardless of the rationale. This instruction also applies to similar provisions in the Wealth Tax Act and Gift Tax Act.
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