Reduction or waiver of interest permitted where voluntary disclosure and pre-detection tax payment show sufficient cause to waive interest. The Board directs liberal invocation of the power to reduce or waive interest under Rule 40(5) where an assessee voluntarily discloses additional income and pays tax before detection; such voluntary disclosure and payment shall be deemed sufficient evidence of being prevented by sufficient cause from filing a timely return for the purposes of Rule 117A(v), justifying waiver of interest otherwise leviable under the tax interest provisions.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Reduction or waiver of interest permitted where voluntary disclosure and pre-detection tax payment show sufficient cause to waive interest.
The Board directs liberal invocation of the power to reduce or waive interest under Rule 40(5) where an assessee voluntarily discloses additional income and pays tax before detection; such voluntary disclosure and payment shall be deemed sufficient evidence of being prevented by sufficient cause from filing a timely return for the purposes of Rule 117A(v), justifying waiver of interest otherwise leviable under the tax interest provisions.
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