"Where the amount of interest to be reduced or waived exceeds Rs.1,000" may be substituted. - Income Tax - 1227/CBDT

INSTRUCTION NO. 1227/CBDT Dated : December 27, 1978 Section(s) Referred: 215 ,217 , Rule 40 of IT Rules Statute: Income - Tax Act, 1961 It has been suggested, to the Board that to give effect to the intention underlying the Boards instruction No.1101 (F.No.400/61/75-ITCC) dated 27-9-77 on the above subject, it will be more appropriate if the ITOs are required to refer to the I.A.C.s only those cases where the amount of interest sought to be reduced or waived under sub-rules 1 to 4 of Rule 40 exceeding Rs.1,000. The Board has decided to accept this suggestion. Accordingly it is desired that for the words where the amount of interest chargeable exceeds Rs.1000 appearing in para 3 of the above mentioned instruction the words "where the amount of interest to be reduced or waived exceeds Rs.1,000" may be substituted and the instruction treated as amended to this extent.