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2014 (11) TMI 942 - HC - Income TaxOrder u/s 119(2)(a) r.w section 234B and 234C – Prayer to waive interest charged on assessee – Held that:- Prior to commencement of the business activities, the assesses had received interest income from their investment in share capital in temporary loan and advances, which have been shown as capital receipt in the return - the assesses filed revised return in view of the decision in Tuticorin Alkali Chemicals & Fertilizers Ltd Versus Commissioner of Income-Tax [1997 (7) TMI 4 - SUPREME Court] - the revised returns filed by the assesses were, though, accepted by the AO, while doing so he levied penalty on the assesses by invoking provisions of Sections 234B and 234C - the Chief Commissioner committed no error, much less any jurisdictional error in passing the orders – Decided against assessee.
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