https://www.taxtmi.com/caselaws?id=9848 The court quashed the Assessing Officer's orders for rejecting the petitioner's waiver applications for interest under Rule 40(1) and Rule 117A of the Income-tax Rules, 1962. It held that the Assessing Officer failed to consider the assurances given by the Department during settlement negotiations, invoking the principle of promissory estoppel. The court emphasized the need for judicial discretion to be exercised reasonably and judiciously, citing relevant precedents. The Assessing Officer was directed to reconsider the waiver applications with proper reasoning and consideration of all relevant factors. en-us Fri, 02 Jun 2006 00:00:00 +0530 Tue, 20 Sep 2011 18:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9848 The court quashed the Assessing Officer's orders for rejecting the petitioner's waiver applications for interest under Rule 40(1) and Rule 117A of the Income-tax Rules, 1962. It held that the Assessing Officer failed to consider the assurances given by the Department during settlement negotiations, invoking the principle of promissory estoppel. The court emphasized the need for judicial discretion to be exercised reasonably and judiciously, citing relevant precedents. The Assessing Officer was directed to reconsider the waiver applications with proper reasoning and consideration of all relevant factors. Case-Laws Income Tax Fri, 02 Jun 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9848