Procedure for seeking waiver or reduction of interest in respect of recovery proceedings initiated for failure to pay penalty.

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....ct') (collectively referred as "relevant securities laws provisions") provide that during the exercise of powers for recovery of dues, provisions of Sections 220 to 227, 228A, 229, 232, the Second Schedule and the Third Schedule to the Income-tax Act, 1961 and the Income-tax (Certificate Proceedings) Rules, 1962, as in force from time to time, in so far as may be, shall apply with necessary modifications, as if the said provisions and the rules made thereunder were the provisions of these Acts and refer to the amount due under these Acts instead of income-tax under the Income-tax Act. 2. Section 220(2) of the Income-tax Act, 1961 empowers the Recovery Officer of SEBI to recover the outstanding amount along with the applicable interest as....

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....ion 220 (2A) of the Income-tax Act, 1961. The said clauses are reproduced hereunder for ease of reference: (i) payment of such amount has caused or would cause genuine hardship to the assessee; (ii) default in the payment of the amount on which interest has been paid or was payable under the said sub-section was due to circumstances beyond the control of the assessee; and (iii) the assessee has co-operated in any inquiry relating to the assessment or any proceeding for the recovery of any amount due from him: B. The application for waiver or reduction of interest may only be sought for the period subsequent to the service of the notice of demand. C. An application may be filed only in the cases w....