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Income tax law by design has provisions with enabling powers to authorized officers for waiver of interest to provide respite to the taxpayers in genuine hardship cases upon meeting certain conditions.

The Madras High Court in 426ITR516 held that economic hardship is a sign of genuine hardship so that the assessee in this case who had been incurring loss for the past 4 years is found eligible for the waiver of interest u/s 220.

In the covid-19 situation with most of the businesses shut for more than 7 months, therefore, have good case to move waiver applications against any outstanding demands against them in the income tax records of which status is readily available on the income tax portal

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