2008 (10) TMI 2 - SUPREME COURT

Shares and demand draft seized – levy of interest for non-payment of tax - application for waiver of interest rejected by CIT - submission of asssessee is that it will cause genuine hardship to them - whether the default in payment of the amount was due to circumstances beyond the control of the assessee has not been considered by CIT or HC - Whether a presumption that draft belongs to the person from whose possession it was seized can be drawn is a subject matter of AO - matter remitted to CIT