https://www.taxtmi.com/caselaws?id=23241 The court upheld the decision of the Income-tax Officer and Commissioner regarding the waiver of interest under section 139(8) of the Income-tax Act, 1961. The court emphasized that the discretion to reduce or waive interest must be exercised judiciously, taking into account factors such as the loss to the Revenue caused by delayed payment. Despite the cancellation of the penalty under section 271(1)(a), the court ruled that this does not automatically warrant a total waiver of interest. The court dismissed the writ appeal, affirming the decisions made based on valid reasons and the consideration of relevant circumstances. en-us Fri, 27 Jul 1990 00:00:00 +0530 Thu, 17 Dec 2009 17:15:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=23241 The court upheld the decision of the Income-tax Officer and Commissioner regarding the waiver of interest under section 139(8) of the Income-tax Act, 1961. The court emphasized that the discretion to reduce or waive interest must be exercised judiciously, taking into account factors such as the loss to the Revenue caused by delayed payment. Despite the cancellation of the penalty under section 271(1)(a), the court ruled that this does not automatically warrant a total waiver of interest. The court dismissed the writ appeal, affirming the decisions made based on valid reasons and the consideration of relevant circumstances. Case-Laws Income Tax Fri, 27 Jul 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=23241