https://www.taxtmi.com/caselaws?id=277932 The court dismissed the writ petition challenging the interest levied under section 154 of the Income-tax Act for the assessment year 1988-1989. Despite the assessee's arguments for full waiver of interest under rule 40 of the Income-tax Rules, the court upheld the authority's discretion in granting a 50% reduction in interest. The court emphasized that the authority has the discretion to decide on waiver or reduction of interest, and the guidelines under rule 40 must be considered in the context of levying interest under section 215 of the Income-tax Act. en-us Wed, 01 Nov 2017 00:00:00 +0530 Mon, 31 Dec 2018 07:33:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=277932 The court dismissed the writ petition challenging the interest levied under section 154 of the Income-tax Act for the assessment year 1988-1989. Despite the assessee's arguments for full waiver of interest under rule 40 of the Income-tax Rules, the court upheld the authority's discretion in granting a 50% reduction in interest. The court emphasized that the authority has the discretion to decide on waiver or reduction of interest, and the guidelines under rule 40 must be considered in the context of levying interest under section 215 of the Income-tax Act. Case-Laws Income Tax Wed, 01 Nov 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=277932