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2011 (9) TMI 53 - HC - Income TaxWaiver of interest u/s 220(2) - whether the default in payment of the amount was due to circumstances beyond the control of the assessee. - The Chief Commissioner-VII, is also incorrect in rejecting the petition for waiver of interest under Section 220(2) on the ground that the petitioner No. 1 had nowhere mentioned that it was facing genuine hardship, whereas this was specifically claimed, highlighted and stated. The Chief Commissioner- VII is not right in rejecting the application for waiver of interest on the ground that interest of Rs.7,04,175/- was paid on 28th March, 2007, and therefore, the assessee’s claim that it was facing hardship does not arise. Interest under Section 220 (2) was imposed because of the delay in payment. Genuineness of the hardship during the period of delay was required to be examined. Section 220(2A) is applicable and the petition for waiver can be filed even after interest has been paid. Further the interest was paid after the petitioner No. 1 had filed the petition for waiver of interest.
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