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2012 (5) TMI 23 - HC - Income TaxApplication for waiver of interest u/s 234C - CCIT (Central) rejected the application for waiver of interest - Held that:- Circular/instructions dated 26.06.2006 does not have any clause similar to clause (b) of the earlier circular/instructions dated 26.06.1996 in respect of cash which is seized and which was not allowed to be utilized for payment of advance tax installment or installments if they fell due after the seizure of cash - the department had released FDRs worth Rs.6 crores on or about 17.02.1999 and the said amount was utilized towards payment of advance tax on 17.02.1999. Similarly, some further FDRs were released on or about 15.03.1999 and an amount of Rs.1.5 crores was paid as advance tax on the said date - assessee is entitle to waiver of some/proportionate interest under Section 234C in terms of the Boards Circular dated 23.05.1996 - interest waived to the extent of 40%.
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