https://www.taxtmi.com/circulars?id=9006 Omissions to charge statutory interest are distinct from assessment proceedings: levy of interest is mandatory but capable of reduction or waiver only under prescribed conditions and after tax quantification. Where omission occurs, interest should be ordered with the assessment; if revision under section 263 applies, remedial action should be taken, and if not, separate proceedings with a show cause notice must be initiated to consider waiver or reduction. en-us Thu, 15 Jul 1976 00:00:00 +0530 Wed, 01 Jun 2011 16:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=9006 Omissions to charge statutory interest are distinct from assessment proceedings: levy of interest is mandatory but capable of reduction or waiver only under prescribed conditions and after tax quantification. Where omission occurs, interest should be ordered with the assessment; if revision under section 263 applies, remedial action should be taken, and if not, separate proceedings with a show cause notice must be initiated to consider waiver or reduction. Circulars Income Tax Thu, 15 Jul 1976 00:00:00 +0530 https://www.taxtmi.com/circulars?id=9006