https://www.taxtmi.com/caselaws?id=28377 The court upheld the assessing authority's discretion in deciding on the reduction or waiver of interest under section 139(8) of the Income Tax Act. The terms "reduce" and "waive" were interpreted to have distinct meanings, with "reduce" implying a decrease and "waive" suggesting relinquishment. The court affirmed the authority's power to consider relevant factors, such as loss of government revenue, in determining the extent of interest waiver. The judgment concluded by dismissing the petition, stating that the assessing authority appropriately exercised its discretion in reducing the interest charged. en-us Wed, 22 Jun 1983 00:00:00 +0530 Mon, 22 Feb 2010 10:44:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28377 The court upheld the assessing authority's discretion in deciding on the reduction or waiver of interest under section 139(8) of the Income Tax Act. The terms "reduce" and "waive" were interpreted to have distinct meanings, with "reduce" implying a decrease and "waive" suggesting relinquishment. The court affirmed the authority's power to consider relevant factors, such as loss of government revenue, in determining the extent of interest waiver. The judgment concluded by dismissing the petition, stating that the assessing authority appropriately exercised its discretion in reducing the interest charged. Case-Laws Income Tax Wed, 22 Jun 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28377