https://www.taxtmi.com/caselaws?id=49470 The fifth proviso to section 18A(6), as enacted by the 1953 amendment and implemented by rule 48 with retrospective effect from 1 April 1952, grants a discretionary power to reduce or waive interest where prescribed circumstances obtain; rule 48 contains no limiting provision that relief must be granted before completion of a regular assessment. Where an assessment completed before 1 April 1952 is later modified on final adjustment or appeal after that date, the quantum of interest is capable of alteration and the officer may exercise the discretion to reduce or waive interest; the direction to consider relief favoured the assessee. en-us Wed, 17 Jan 1962 00:00:00 +0530 Thu, 28 Aug 2014 18:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49470 The fifth proviso to section 18A(6), as enacted by the 1953 amendment and implemented by rule 48 with retrospective effect from 1 April 1952, grants a discretionary power to reduce or waive interest where prescribed circumstances obtain; rule 48 contains no limiting provision that relief must be granted before completion of a regular assessment. Where an assessment completed before 1 April 1952 is later modified on final adjustment or appeal after that date, the quantum of interest is capable of alteration and the officer may exercise the discretion to reduce or waive interest; the direction to consider relief favoured the assessee. Case-Laws Income Tax Wed, 17 Jan 1962 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49470