https://www.taxtmi.com/caselaws?id=20813 An order under section 18B of the Wealth-tax Act granting only partial waiver of interest and penalty was unsustainable where the authority had already recorded satisfaction that the statutory conditions for waiver were met but gave no reasons for refusing full relief. When discretionary power to reduce or waive interest and penalty is exercised on accepted statutory factors, the decision must disclose the basis for limiting the waiver. The absence of sound or convincing reasons for restricting relief to 50 per cent rendered the order vulnerable for want of a fair and transparent exercise of power, and the partial waiver order was quashed. en-us Thu, 11 Feb 1993 00:00:00 +0530 Tue, 17 Nov 2009 13:17:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20813 An order under section 18B of the Wealth-tax Act granting only partial waiver of interest and penalty was unsustainable where the authority had already recorded satisfaction that the statutory conditions for waiver were met but gave no reasons for refusing full relief. When discretionary power to reduce or waive interest and penalty is exercised on accepted statutory factors, the decision must disclose the basis for limiting the waiver. The absence of sound or convincing reasons for restricting relief to 50 per cent rendered the order vulnerable for want of a fair and transparent exercise of power, and the partial waiver order was quashed. Case-Laws Wealth-tax Thu, 11 Feb 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20813