Order under section 119(2)(a) of IT Act 1961 regarding waiver of interest u/s 158BFA(1) - Income Tax - F.No. 286/137/2002-IT (Inv. II)

F. No. 286/137/2002-IT (Inv. II) Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, the 6th January, 2003 Order under Section 119(2)(a) of the Income Tax Act, 1961 In exercise of the power conferred under Clause (a) of Sub-Section (2) of Section 119 of Income Tax Act, 1961, Central Board of Direct Taxes hereby direct that the Chief Commissioner of Income Tax or Director General of Income Tax, as the case may be, under Sub-Section (1) of Section 158BFA in the class of cases where the books of accounts or other incriminating documents, or any assets have been seized during the course of proceedings for search and seizure under Section 132 of the Income Tax Act or requisitioned under Section 132A of the Income Tax Act, and the assessee has been unable to furnish the return of the income in response to notice under Clause (a) of Commissioner or Director General, as the case may be, is satisfied, having regard to the facts and circumstances of the case that the delay in furnishing such return of income cannot reasonably be attributed to the assessee. However, no reduction or waiver of such interest shall be ordered unless the return of income has been filed before making the assessment under Clause (c) of Section 158BC and the entire tax due on the income, as assessed (as modified by any order of the appellate authorities), has been paid, except the amount of interest for which reduction or waiver has been requested for. The Chief Commissioner or Director General may also impose any other conditions deemed fit for the said reduction or waiver of interest. This order shall be applicable in respect of applications made on or after 1st June, 2002. (SHARAT CHANDRA) Director (Inv. II)