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2012 (4) TMI 100 - HC - Income TaxInterest u/s. 234A, 234B, & 234C - assessee is a notified person under the Special Court (Trial of Offences relating to Transactions in Securities) Act 1992 - The levy of interest under the provisions of Sections 234A, 234B and 234C is mandatory in nature - The submission which has been urged on behalf of the Respondent, however, is that the provisions of the Special Court Act, would override those of the Income Tax Act, 1961 and that consequently the provisions of Sections 234A, 234B and 234C would not be attracted - the remedy of a notified person who is assessed to penalty or interest after the notified period would be to move the appropriate authority under the taxing statute in that connection - it has been directed that no reduction or waiver of interest shall be ordered unless the assessee files a return of income for the relevant Assessment Year and pays the entire income tax due on the income as assessed - Held that: the assessee in the present case, is not without remedy since it is open to the assessee to take recourse to the remedy available under the direction dated 26 June 2006. We accordingly answer the questions of law as framed in the negative - it would be open to the notified person to seek a waiver or reduction by making an application to the Chief Commissioner of Income Tax in terms of the order dated 26 June 2006 of the Central Board of Direct Taxes. - The appeal is accordingly disposed of
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