9911796707
TMI BlogReduction or waiver of interest charged under section 234A/234B/234C - Scope and PowerX X X X Extracts X X X X X X X X Extracts X X X X ..... Reduction or waiver of interest charged under section 234A/234B/234C - Scope and Power X X X X Extracts X X X X X X X X Extracts X X X X ..... issued a fresh notification cum circular to empower the Chief Commissioner of Income-tax/Director-General of Income-tax to reduce or waiver the interest u/s 234A or 234B or 234C subject to certain conditions. Vide notification cum circular dated 30-1-1997CBDT amended the notification dated 23-5-1996 [Amendment has been incorporated in the above notification / circular] A Press note was issued t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o clarify certain issues in this regard dated 21-5-1996 Further a circular dated 18-11-1999 was issued to clarify the contradiction between press note dated 21-5-1996 and notification cum circular dated 23-5-1996. In the matter of DIRECTOR GENERAL OF INCOME-TAX (EXEMPTIONS) AND ANOTHER Versus JOCKEYS ASSOCIATION OF INDIA [2010 -TMI - 78501 - KARNATAKA HIGH COURT], it was held that: "…..it is no ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t in dispute that, in pursuance of the circular-cum-notification dated May 23, 1996, the power has been delegated to the Chief Commissioner Income-tax or the Director General of Income-tax (Exemptions) to waive or reduce interest charged under sections 234A, 234B and 234C of the Act, specifically, in respect of clause 2(a) to (e) mentioned therein. It is the case of the respondent that it falls un ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... der clause 2(d) of the same. It has been rightly pointed out by the Director General of Income-tax (Exemptions) that the case of the respondent does not fall under the said clause, on the ground that the respondent has not brought any High Court or apex court order holding that it is entitled for the waiver of interest. But the learned counsel for the respondent has pointed out that the Appellate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Tribunal has held that it is entitled for the said benefits and, therefore, the Director General of Income-tax (Exemptions) has got jurisdiction to consider the said request."
Also see: CIT v. Anjum M. H. Ghaswala [2001 -TMI - 6046 - SUPREME Court] X X X X Extracts X X X X X X X X Extracts X X X X
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