Section 234C of IT Act, 1961 — Advance Tax — The Boards' guideline for waiver of interest is applicable only in case where the assessee itself has paid the advance tax and there was a shortfall in the payments made in the earlier installments. directions issued to the respondents to waive interest payable u/s 234C of the Act in terms of CBDT Circular dated 26.6.2006 for the period in question and if such interest is already recovered, the same would become refundable. Ultratech Cement Ltd. Vs. Chief CIT (2019) 416 ITR 449 (Bombay)