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2004 (7) TMI 51 - HC - Income TaxWaver of interest u/s 234B - notification dated May 23, 1996 issued u/s 119(2)(a) - petitioner challenges the order rejecting the petitioner's revision petition under section 264 and rejecting the petitioner's claim to delete the interest levied under section 234B - petitioner has also challenged the legality of the order of CBDT in regretting its inability to intervene in the matter to waive the above interest – Held that present case would squarely fall under clause (d) of notification dated May 23, 1996 - Since the petitioner's tax liability arose subsequently after filing of the return and after the expiry of the assessment year on account of retrospective amendment of law, consequential levy of interest u/s 234B was clearly required to be dealt with as a fit case for reduction or waiver of interest – Since the power of such reduction/waiver is now vested in the Chief Commissioner of Income-tax, we set aside the impugned order passed by the Commissioner of Income-tax, and the order of CBDT and direct the Chief Commissioner of Income-tax, to entertain the petitioner's application for waiver of interest
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