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2016 (5) TMI 1357 - HC - Income TaxWaiver of interest under Section 220 (2) seeked - rejection of claim on the ground that the Petitioner failed to show that it had suffered ‘genuine hardship’- Held that:- The fact that the Assessee is a part of ‘DuPont’, a global conglomerate which had in 2011 $37.96 billion in net sales and $6.253 billion as operating profit , cannot be said to be an irrelevant factor in considering whether any ‘genuine hardship’ was undergone by the Petitioner. Further, in comparison to the profitability of the Petitioner over the years, the amount paid by it towards interest under Section 220 (2) of the Act was merely $0.004 billion (approx). In the circumstances, the conclusion arrived at by the CIT that no ‘genuine hardship’ can be said to have been caused to the Petitioner cannot be said to be an erroneous exercise of discretion by the CIT. It was a plausible view to take and does not call for interference by this Court in exercise of its extraordinary jurisdiction under Article 226 of the Constitution.
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