2005 (4) TMI 41 - HC - Income Tax

Waiver of interest levied under section 234B – assessee claimed the benefit of special deduction under sections 80HHA and 80-I basing its claim on the decision of this court dated October 23, 1992, in Rahebar Farms's case - assessments were completed under section 143(3) of the Act and the assessee was not required to pay any advance tax on the amounts which were claimed as deductions under sections 80HH and 80-I - judgment of this court dated October 23, 1992, was reversed by the apex court in Venkateswara Hatcheries's case – Held that, we do not agree with the reasoning of the Chief Commissioner that the assessee was required to file a revised return voluntarily after the judgment of this court had been reversed in appeal - Moreover, the tax that became due in terms of the revised returns had also been paid within time. No delay could, thus, be attributed to the assessee – Thus, interest levied on the assessee under section 234B is waived