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Query asked by CA VINAY V. KAWDIA on April 8, 2020

Re: reporting of interest u/s 220

Quantum Appeal is pending before ITAT. Meanwhile penalty u/s 271(1)(c) was levied by AO in respect of additions contested before ITAT and appeal against the same is also pending before CIT(A). Thereafter, AO passed order levying interest u/s 220 in respect of demand outstanding (Tax + Interest + Penalty). Waiver petition against the order levying interest u/s 220 is pending before Pr. CIT.

Now, while reporting in declaration in form 1 under VSV, whether the interest charged on disputed tax (Part F, Schedule-I, Column G) shall include interest u/s 220 along with int. u/s 234A/B/C?

Whether interest levied u/s 220 shall also be waived?

Answered by

Yes.  The interest levied under section 220 shall also be waived 


 

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