Interest waiver prohibition: commissioners cannot use revisionary orders to reduce or waive statutory tax interest. An order passed by the Commissioner in revision cannot be used to reduce or waive interest chargeable under the statutory interest provision; the ... Summary
Interest waiver prohibition: commissioners cannot use revisionary orders to reduce or waive statutory tax interest.
An order passed by the Commissioner in revision cannot be used to reduce or waive interest chargeable under the statutory interest provision; the statutory mechanism for reduction/waiver governs and precludes such relief, and this restriction applies mutatis mutandis to corresponding provisions of the Wealth Tax and Gift Tax Acts.
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