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2003 (11) TMI 31 - HC - Income TaxWaiver of interest, charged u/s 234A – the petitioners did not file their returns before the last date for filing the returns. But even thereafter, they could not file the returns from May 19, 1992, till October, 1992, as they were not having the books of account, which had been seized by the income-tax authorities – AS per Circular No. 400/234/95-IT(B), in such cases, Chief Commissioners and Directors-General (Investigation) are empowered to reduce or waive the penal interest – Thus it is directed that the payment of interest in respect of the period commencing from May 19,1992, till the date on which the copies of the books of account had been given to the petitioners, shall be waived by the respondent.
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