Interest chargeable u/s 215 and 217 of Income Tax Act,1961 can be reduced/waived in accordance u/r 40.

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..... h the provisions of rule 40 of the Income-tax Rules, 1962. The Income tax officer is empowered to reduce/waive the interest in the cases and under the circumstances mentioned in sub-rules (1) to (4) of the said Rule. Under sub-rule (5) of the said rule, such interest may be reduced or waived in any case in which the Inspecting Assistant Commissioner considers that the circumstances are such that t .....

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..... truction in any particular case. 3. The Board have had occasion to review the instructions reproduced above in the light of the experience gained since the issue of the above instructions. It has been decided to amend the said instructions so as to bring them broadly in line with the proviso to rule 117A, namely, that the Income-tax Officers should be required to refer to their Inspecting Assista .....

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