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2015 (1) TMI 391 - HC - Income TaxWaiver of interest u/s.234A and u/s.234B - interest on addition to the disclosed income - Held that:- In regard to reduction of interest u/s.234B, there is no provision for such reduction as the levy is compensatory. Waiver of interest u/s.234B is governed by clause (b) and (c) of paragraph (2) of above said Board's order u/s.119(2)(a) of the I.T. Act. The income assessed in the assessee's case does not come under any of the class or classes of income specified in the aforesaid clauses. When the additions, to the income disclosed by the petitioners in its returns, have been sustained to a particular extent by the appellate forum under the Act, then the finality of the assessment indicates that the amount sustained against the petitioner is the income on which he ought to have been paid tax at the very outset. The levy of interest is compensatory in nature and it is meant to compensate the department for the delay in getting the tax that was due to it. The conduct of the petitioner in the instant case does not call for any lenient view in the matter of levy of interest. - No reason to interfere with order passed - Decided against assesse.
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