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2012 (12) TMI 819 - HC - Income TaxRe opening of assessment - treating the assessee as an Association Of Persons instead of partnership firm - interest levied under section 234B & 234C - Held that:- It can be seen that the petitioner was assessed with the status as a Firm and that subsequently, following the judgment of this Court in Narayanan & Company v. Commissioner of Income Tax (1996 (3) TMI 81 - KERALA HIGH COURT), assessment was re-opened and the tax was re-assessed treating the petitioner as an Association Of Persons. Therefore, situation as contemplated in paragraph 2 clause (d) of notification dated 23.5.1995 was not available to the petitioner to claim the benefit thereof. As held in Hazi Anwar & Others v. Competent Authority (2001 (1) TMI 915 - APPELLATE TRIBUNAL ) interest u/s 234A, B & C is mandatory. It is also settled that unless the claim for waiver or reduction come within the four corners of the conditions specified by the Central Government, interest levied under the aforesaid provisions cannot be waived (see Universal Trades Corporation v. Chief Commissioner of Income Tax & Ors. (2000 (11) TMI 65 - KERALA HIGH COURT)] - the assessee could not have claimed waiver of interest.
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