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2011 (5) TMI 824 - HC - Income TaxWaiver of interest - Search and seizure - cash was recovered and seized - Commissioner of Income-Tax to release the seized cash and adjust the same against the self-assessment tax and advance tax liability of the petitioner - While framing the assessment the department demanded interest under Sections 234B and 234C of the Income Tax Act, 1961 - petitioner relied on the notification of the Central Board of Direct Taxes dated 23.5.1996, which envisaged waiver of interest under certain circumstances – Held that:- petitioner made the application for waiver of interest only on 3.11.2007 by which time the previous notification was already rescinded in view of order dated 26.6.2006 of the Board governing cases for waiver of interest under Sections 234A, 234B and 234C of the Act, petitioner's case would have to be decided on the basis of the prevailing circular/notification/order and cannot be decided on the basis of the guidelines previously prevailing but currently superseded. It is unfortunate that the petitioner's assessment was finalized later on. It was only thereafter that the petitioner applied for waiver of interest, petitions are dismissed
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