9911796707
TMI BlogClarification regarding Board's Circular No. 12/66-IT(B) dated 9-6-1965-Waiver/Reduction of interest-Section 215/217-Rule 40(1) of the Income-tax Rules, 1962X X X X Extracts X X X X X X X X Extracts X X X X ..... 492 Dated 21/7/1987 Attention is invited to Board's Circular No. 12/66-IT(B) dated 9-6-1965 copy attached for ready reference. It has been brought to the notice of the Board that relying upon the example in the above circular, even in cases where there is no delay attributable to the assessee for completion of the assessment, waiver is limited only up to the date of taking up of the case fo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... interest should be waived under rule 48(1) in a case where the assessee filed the return of income on 7th August, 1959, but the Income-tax Officer took up the case on 17th October, 1962, for the first time. 2. The matter has been considered in consultation with the Ministry of Law and the Board are of the view that the position stated by you in para 3 of your letter under reference that the time ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd 9 days. 3. In the circumstances, it is open to the Income-tax Officer in the present case to reduce or waive the interest for the period of 2 years, 2 months and 9 days. COPY OF LETTER REFERRED TO ABOVE In the case of an assessee, for the assessment year 1959-60, it is claimed that penal interest charged under section 18A(6) s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... return and if the delay in the assessment is not attributable to the assessee. The point for consideration concerns the period for which the interest is to be waived-whether it is the entire period of 3 years, 2 months and 9 days or that period reduced by one year (which is the time required to lapse since the submission of the return in order that rule 48 may apply). - Circular - Trade Notice - ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
