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1998 (9) TMI 4 - MADRAS HIGH COURTInterest – advance tax - The petitioner has challenged the rejection of the application filed by it before the CBDT for waiver of interest on the sum of Rs. 3,62,042 being the amount by which the first instalment of advance tax paid by it fell short of 20 per cent. of the tax liability - petitioner, submitted that the order of the Central Board Direct Taxes is illegal and arbitrary and requires to be set aside. It was submitted that under section 119(2)(a), the Board is bound to consider the case put forth by the assessee and after affording such opportunity as may be necessary to the assessee, make a reasoned order – Held that no relief can be granted to the writ petitioner. The petitioner like all other assessees to whom these provisions are applicable has to pay the interest required to be paid thereunder.
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