https://www.taxtmi.com/caselaws?id=67698 The Tribunal dismissed the Departmental appeal, affirming the AAC's competency to entertain the appeal regarding the levy of penal interest under Section 215. The Tribunal held that the AAC had the jurisdiction to waive or reduce penal interest under Rule 40 of the IT Rules, 1962, correcting the ITO's failure to apply the rule. The Department's argument challenging the AAC's jurisdiction was deemed a technicality, and the Tribunal upheld the AAC's decision to reduce the penal interest for the specified period. en-us Fri, 30 Jun 1978 00:00:00 +0530 Mon, 14 Mar 2011 10:54:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67698 The Tribunal dismissed the Departmental appeal, affirming the AAC's competency to entertain the appeal regarding the levy of penal interest under Section 215. The Tribunal held that the AAC had the jurisdiction to waive or reduce penal interest under Rule 40 of the IT Rules, 1962, correcting the ITO's failure to apply the rule. The Department's argument challenging the AAC's jurisdiction was deemed a technicality, and the Tribunal upheld the AAC's decision to reduce the penal interest for the specified period. Case-Laws Income Tax Fri, 30 Jun 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67698