Waiver of interest under sec 234b and 234c

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

22 February 2013 Does the assessing officer have any powers to waive off interest liability arising under sec 234 b and c?

has there been any precedence of such waivers?

Thanking in advance

Nikhil Kaushik

Nikhil Kaushik (Expert)
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23 February 2013 The reduction or waiver of interest liability under 234A, 234B and 234C is dealt under a CBDT notification issued on 26 June 2006 - Direct Tax Order No. 400-29-2002 dated 26 June 2006

You may refer to the same for further information.

As a heads up - the assessee is required to file return and pay off the dues before claiming for such reduction or waiver.

CA Prashant Gupta

CA Prashant Gupta (Expert)
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23 February 2013 CBDT directed vide order dt 2 June 1994 that a return changed due to order of court, appeal revision of provision, assessment order than interest u/s 234A, 234B and 234C can be waived by the Chief commissioner/Director General subject to condistions:
1 relevant income is disclosed
2 tax to such income has been paid

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