The Principal Chief Commissioner or Chief Commissioner or Principal Commissioner or
Commissioner may reduce or waive the amount of interest paid or payable by the
taxpayer under section 220(2), if he is satisfied that:
- Payment of such interest has caused or would cause genuine hardship to the taxpayer.
- Default in the payment of the amount on which interest has been paid or was payable, was due to circumstances beyond the control of the taxpayer.
- The taxpayer has co-operated in any inquiry relating to the assessment or any proceeding for the recovery of any amount due from him.