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TMI BlogSECTIONS 234A, 234B AND 234C - Interest payable by assessee - Reduction/waiver of interest by Chief Commissioner/Director GeneralX X X X Extracts X X X X X X X X Extracts X X X X ..... . : F. No. 400/234/95-IT(B), dated 23-5-1996 . In exercise of the powers conferred under clause ( a ) of sub-section (2) of section 119 of the Income-tax Act, 1961, the Central Board of Direct Taxes hereby direct that the Chief Commissioner of Income-tax and Director-General of Income-tax may reduce or waive interest charged under section 234A or section 234B or section 234C of the Act ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , section 234C can be considered, are as follows : ( a ) Where during the course of proceedings for search and seizure under section 132 of the Income-tax Act, or otherwise, the books of account and other incriminating documents have been seized and for reasons beyond the control of the assessee, he has been unable to furnish the return of income for the previous year during which the action ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rgeable to income-tax under any head of income, other than "capital gains" is received or accrues after the due date of payment of the first or subsequent instalments of advance tax which was neither anticipated nor was in the contemplation of the assessee and the advance tax on such income is paid in the remaining instalment or instalments and the Chief Commissioner or Director-General is satisfi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the relevant assessment year is found to be less than the amount of advance tax payable on his current income, the assessee is chargeable to interest under section 234B or section 234C and the Chief Commissioner or Director-General is satisfied that this is a fit case for reduction or waiver of such interest. ( e ) Where a return of income could not be filed by the assessee due to unavoidable c ..... X X X X Extracts X X X X X X X X Extracts X X X X
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