Interest u/s 234A, 234B & 234C waived off by HC due to financial disability

Tvl. Sanmac Motor Finance Ltd. Vs CCIT (Madras High Court) The issue under consideration is whether the request of the petitioner for waiver of interest under Section 234A, Section 234B and Section 234C of the Income Tax Act, 1961 is granted by HC or not? The petitioner company was operated as a Non-Banking Financial Company (NBFC) and it had encountered difficulties in servicing the deposits to its depositors as a result of which it faced several hardships including arrest of its Managing Director. All the other directors and principal and responsible officers of the petitioner company had re...