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Interest u/s220(2) of the Income Tax Act , 1961 can it be waived?
05-Jan-2023 (In Tax Law)
The demand pertain to certificate demand dating back to 1970s and 80s. Though the original demand is as low as Rs 14000/- + , the interest thereupon is huge as per plain maths. Is there any section under Income Tax Act 1961 to pray for waiver of interest? There is no assessment order or Demand Notice u/s 156 with the assesssee nor with the I.T. Dept. at present. Is the assessee liable to pay the whole demand?
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Adv. Abhimanyu Jhamba
Delhi | 25+ Answers
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Is there no demand notice ? how did the AO communicate about this demand to you ?
A simple reading of Section 220 postulates that 156 notice is a pre-condition for levying 220(2) interest and as taxing statutes are to be strictly interpreted, it can always be argued that the interest is not payable by the Assessee. However, the AO in such a case, may not listen-its abit subjective.
However, please tell me more facts in detail and then I can suggest the way forward and how we can strategize and not pay the interest.
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