Dear all:
Assessee an individual, earlier residing in Kashmir. Due to volatile situation in Kashmir Valley he filed ITR for AY 2007-08 late i.e. in FY 2008-09. Due to weak financial position Tax amount of approx 24 lacs paid in installment spread over next 10 years. Now AO asking for another 22 lacs for interest u/s 234B. The client is mentally & physically not well. Again financial condition is also bad. Can he get waiver of interest u/s 234B on ground of financial hardship or can he file any mercy petition to waiver of interest. Chief CIT (i.e AO) already declined waiver of interest request.
What remedy available ?
Pls answer, with reference to Case Laws if any.
CA Ajay Salagare, Pune
CAclubindia
