Waiver of Interest under Section 220(2) on Delayed Demand Payment Due to Incorrect Claim of Rebate under Section 87A - Order under section 119 of the Income-tax Act, 1961

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....entral Board of Direct New Delhi, 19^th September, 2025 Subject: Order under section 119 of the Income-tax Act, 1961 for waiver of interest payable under section 220(2) due to late payment of demand, in certain cases - reg. The provisions of section 115BAC(1A) of the Income-tax Act, 1961 ('the Act') are subject to the other provisions of Chapter Xll of the Act. Therefore, incomes ....

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....) of the Act . 3. In order to mitigate the genuine hardship arising to such taxpayers on account of interest payable under section 220(2) of the Act, the Central Board of Direct Taxes ('the Board'), in exercise of its powers conferred under section 119 of the Act, directs that the interest payable under section 220(2) of the Act shall be waived in such cases where the payment of the dem....