Conditions to get waiver of interest
Conditions to get waiver of interest charged u/s 220 (2)
Three conditions specified in Section 220 (2A) of the Income Tax Act should be cumulatively satisfied by an assessee to claim waiver of interest levied under Section 220 (2) of the Act.
These conditions are:-
i) That the payment of such amount of interest has caused or would cause genuine hardship to the assessee.
ii) That default in the payment of the amount on which interest is payable was due to circumstances beyond the control of the assessee, and
iii) That the assessee has co-operated in an enquiry relating the assessment or proceedings for recovery of any amount due from him.