https://www.taxtmi.com/caselaws?id=216526 The SC held that interest levies under sections 234A and 234B are not mandatory and may be waived or reduced as per the Board's circular empowering the Chief Commissioner or Director-General of Income-tax. The HC's order was set aside for failing to consider the applicability of this circular. The case was remanded to the Tribunal to determine if the assessee qualifies for interest waiver under the circular's terms, particularly when the assessee has approached the Settlement Commission under section 245C. en-us Thu, 06 Sep 2012 00:00:00 +0530 Wed, 13 Aug 2025 15:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=216526 The SC held that interest levies under sections 234A and 234B are not mandatory and may be waived or reduced as per the Board's circular empowering the Chief Commissioner or Director-General of Income-tax. The HC's order was set aside for failing to consider the applicability of this circular. The case was remanded to the Tribunal to determine if the assessee qualifies for interest waiver under the circular's terms, particularly when the assessee has approached the Settlement Commission under section 245C. Case-Laws Income Tax Thu, 06 Sep 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=216526