TMI BlogWAIVER OR REDUCTION OF INTEREST ORDER OF 2006X X X X Extracts X X X X X X X X Extracts X X X X ..... x and Director General of Income-tax may reduce or waive interest charged under section 234A or section 234B or section 234C of the Act in the classes of cases or classes of income specified in paragraph 2 of this Order for the period and to the extent the Chief Commissioner of Income-tax/Director General of Income-tax may deem fit. However, no reduction or waiver of such interest shall be ordered ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for the previous year, during which the action under section 132 has taken place, within the time specified in this behalf, and the Chief Commissioner/Director General is satisfied, having regard to the facts and circumstances of the case, that the delay in furnishing such return of income cannot reasonably be attributed to the assessee. (b) Any income chargeable to income-tax under any head of i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ubsequently, in consequence of any retrospective amendment of law or the decision of the Supreme Court of India, or as the case may be, a decision of a Larger Bench of the jurisdictional High Court (which was not challenged before the Supreme Court and has become final), in any assessment or reassessment proceedings the advance tax paid by the assessee during such financial year is found to be les ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e past has been rejected because the Board had not issued this direction earlier, such petition may be reconsidered and decided in accordance with this Order. If any petition in the past was allowed in accordance with the Orders under section 119(2)(a) dated 23-5-1996 and 30-1-1997, such Orders allowing waiver should not be reopened/revised as per the guidelines contained in this Order. [F. No. 40 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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