https://www.taxtmi.com/caselaws?id=77499 The court quashed the order retaining interest and penalty under sections 139(8) and 217 of the Income-tax Act for assessment years 1984-85 to 1988-89, despite the petitioner's request for waiver under section 273A. The Commissioner's rejection of the waiver claim was deemed incorrect, emphasizing the discretionary nature of the power under section 273A and the importance of voluntary and truthful income disclosure. The judgment directed the Commissioner to reconsider the application for waiver in accordance with the correct interpretation of the law, highlighting the need for a fair and reasonable assessment based on relevant factors. en-us Thu, 07 Aug 2008 00:00:00 +0530 Mon, 20 Sep 2010 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=77499 The court quashed the order retaining interest and penalty under sections 139(8) and 217 of the Income-tax Act for assessment years 1984-85 to 1988-89, despite the petitioner's request for waiver under section 273A. The Commissioner's rejection of the waiver claim was deemed incorrect, emphasizing the discretionary nature of the power under section 273A and the importance of voluntary and truthful income disclosure. The judgment directed the Commissioner to reconsider the application for waiver in accordance with the correct interpretation of the law, highlighting the need for a fair and reasonable assessment based on relevant factors. Case-Laws Income Tax Thu, 07 Aug 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=77499