Clarification regarding Board's Circular No. 12/66-IT(B) dated 9-6-1965-Waiver/Reduction of interest-Section 215/217-Rule 40(1) of the Income-tax Rules, 1962

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....ules, 1962 Circular No. 492 Dated 21/7/1987 Attention is invited to Board's Circular No. 12/66-IT(B) dated 9-6-1965 copy attached for ready reference. It has been brought to the notice of the Board that relying upon the example in the above circular, even in cases where there is no delay attributable to the assessee for completion of the assessment, waiver is limited only up to the date o....

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....spect of the period for which interest should be waived under rule 48(1) in a case where the assessee filed the return of income on 7th August, 1959, but the Income-tax Officer took up the case on 17th October, 1962, for the first time. 2. The matter has been considered in consultation with the Ministry of Law and the Board are of the view that the position stated by you in para 3 of your lette....

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....year, viz., 2 years, 2 months and 9 days. 3. In the circumstances, it is open to the Income-tax Officer in the present case to reduce or waive the interest for the period of 2 years, 2 months and 9 days.                                &nbs....