https://www.taxtmi.com/caselaws?id=26687 The court held that the Income-tax Officer cannot waive interest without the approval of the Inspecting Assistant Commissioner, especially when the interest amount exceeds one thousand rupees. Waiver of interest is a conscious act and cannot be implied, as per the statutory rules. The court upheld the Revenue's submission, emphasizing the importance of following the rules and obtaining necessary approvals for waiving interest under the Income-tax Act. The Tribunal's decision to cancel interest charged under section 139 using section 154 was deemed incorrect as there was no apparent mistake in the record. en-us Thu, 20 Feb 1986 00:00:00 +0530 Sat, 06 Feb 2010 17:30:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26687 The court held that the Income-tax Officer cannot waive interest without the approval of the Inspecting Assistant Commissioner, especially when the interest amount exceeds one thousand rupees. Waiver of interest is a conscious act and cannot be implied, as per the statutory rules. The court upheld the Revenue's submission, emphasizing the importance of following the rules and obtaining necessary approvals for waiving interest under the Income-tax Act. The Tribunal's decision to cancel interest charged under section 139 using section 154 was deemed incorrect as there was no apparent mistake in the record. Case-Laws Income Tax Thu, 20 Feb 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26687