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2013 (5) TMI 61 - HC - Wealth-taxWaiver application u/s 31(2A) of the Wealth Tax Act disallowed - Held that:- It can safely be held that the assessee has co-operated in the assessment proceedings & the business of the assessee has almost been shut down and the assessee is highly indebted to bank to the tune of Rs.658 crores Thus all the three ingredients of section 31(2A), i.e. payment of such amount has caused or would cause genuine hardship to the assessee, default in the payment of amount on which interest has been paid or was payable due to circumstances beyond the control of the assessee and the assessee has co-operated in any inquiry relating to the assessment are present and the Income Tax Commissioner, Meerut was himself convinced of the said fact and it is for the said reason that he allowed the waiver application, though in part. Whether the matter requires to be remitted back to the authorities for consideration of the question whether the waiver application should have been allowed in its entirety - Held that:- Applying the principles of B.M. Malani case [2008 (10) TMI 2 - SUPREME COURT] to the facts of the instant case, it can safely be held that in case the waiver application is being rejected in part, the reasons should have been spelled out. In absence of any reason being recorded in the impugned order for rejecting the waiver application in part, the said part of the order cannot be sustained - application of the assessee under section 31(2A) allowed in its entirety holding that the petitioner has succeeded in making out a case for complete waiver of interest.
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