(7)Irrespective of the provisions contained in sub-section (3), the Principal Chief Commissioner or Chief Commissioner or Principal Commissioner or Commissioner may, on an application by the assessee, reduce or waive the amount of interest paid or payable by an assessee under sub-section (3) if he is satisfied that—(a)payment of such amount has caused or would cause genuine hardship to the assessee;(b)default in the payment of the amount on which interest has been paid or was payable under the said sub-section was due to circumstances beyond the control of the assessee; and(c)the assessee has co-operated in any inquiry relating to the assessment or any proceeding for the recovery of any amount due from him.
