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2015 (1) TMI 425 - HC - Income TaxWaiver of interest levied under Section 234A, B and C, and Section 220(2) - Financial difficulty - Held that:- The 1st respondent has come to the definite conclusion that the case of the petitioner does not fall within the purview of the Board's Circular and therefore there was no scope for granting any waiver of interest under Sections 234A, B and C in the instant case. - Decided against the assessee. Waiver of interest u/s 220(2) - Held that:- The financial condition of the petitioner is stated to be precarious, and, further, it is stated that of the two brothers who formed the partnership in the petitioner firm, one has since expired and the other is presently convalescing in a hospital after undergoing a surgery to treat a brain hemorrhage. It is also pointed out that there are several financial claims raised against the petitioner firm from various quarters, which are also in various stages of adjudication before the authorities concerned. In that view of the matter, I feel that it would be necessary for the 1st respondent to reconsider the matter regarding levy of interest under Section 220(2) of the IT Act in the case of the petitioner, taking into account the peculiar circumstances in this case - Matter remanded back - Decided partly in favour of assesse.
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