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2013 (3) TMI 439 - HC - Income TaxInterest for defaults in payment of advance tax - Application for waiver of interest levied u/s 234B rejected - Petitioner filed returns of income tax for the AY 1997-98 declaring loss of Rs. 13,32,280/- whereas respondent no. 3 assessed petitioner's income at Rs.54,49,180/- thus raising a demand for tax with interest as the petitioner has not actually spent any amount - Held that:- The assessee had not spent entire amount which was claimed by him and, as such, since the entire amount was not spent the question of any allowable expenses being deducted in computing the income from the profits and gains of the appellant does not arise. The ratio of the judgment in the case of Gogte Minerals (1995 (9) TMI 20 - KARNATAKA HIGH COURT) as relied on by assessee will not apply to the facts of the present case in the said case it was concluded that there was no obligation on the part of the assessee to fill up the pit at the end of the contract and in that context Karnataka High Court observed that the expression “undertake”means to make a promise to do something at future date, according to the Tribunal, but what the rule provides for, is to perform in a phased manner the restoration, reclamation and rehabilitation within the time stipulated under the rule. In the said case on facts whether actual amount has been spent during the assessment year was not considered by the Court and as such ratio of the said judgment will not apply to the facts of the present case. Therefore no reason to interfere with the impugned order passed by respondent no.1 levying interest - against assessee.
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