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2013 (5) TMI 221 - HC - Income TaxSearch/seizure – u/s 132 - ownership of seized jewellery – Held that:– As the Civil Suit pending between the parties in Civil Courts at Ludhiana, and If the Assessee or its partners succeed and the levy of interest is set aside or reduced by a Statutory Forum, the amount shall be released along with interest to the party, who shall be finally entitled to receive the jewellery or its value as per the decision of the Civil Court at Ludhiana. Commissioner powers to waive off the levy of interest u/s 220(2) of the Act - Held that:- It may be seen that sub-section (2A) of Section 220 of the Act opens up with a non obstante clause to say that even if Section 220 (2) of the Act is mandatory in nature, yet the Chief Commissioner or Commissioner have the power to reduce or waive the amount of interest paid or payable by an assessee if there exist the circumstances enumerated in the provision. Since the existence of circumstances which may justify reduction or waiving off the interest liability is a question of fact and this aspect has not been discussed in the impugned order by the Commissioner of Income Tax (Central), Ludhaina, we are of the considered view that the findings to the extent is contrary to the Statute as sub-section (2A) of Section 220 of the Act which came into force w.e.f. 1.10.1984 expressly vests such power with the Chief Commissioner or Commissioner of Income Tax, though it is a different issue that the facts and circumstances of a case may or may not justify the exercise of such power.
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