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2015 (5) TMI 480 - KERALA HIGH COURTInterest under Section 234C - whether the second respondent is justified in declining the request made by the petitioner for waiver of interest in exercise of his authority under Section 119? Held that:- The second respondent is empowered and authorised to waive interest payable by the petitioner under Section 234C of the Act only if the case of the petitioner falls under specied two classes of cases but the petitioner has no case that its case would fall under the said classes of cases which read thus: “(b) Any income chargeable to income-tax under any head of income, other than “Capital Gains” is received or accrued after due date of payment of the first or subsequent instalments of advance tax which was neither anticipated nor was in the contemplation of the assessee, and the advance tax on such income is paid in the remaining instalment or instalments, and the Chief Commissioner/Director General is satisfied on the facts and circumstances of the case that this is a fit case for reduction or waiver of the interest chargeable under section 234C of the Income-tax Act. (c) Where any income was not chargeable to income-tax in the case of an assesse on the basis of any order passed by the High Court within whose jurisdiction he is assessable to income-tax, and as a result, he did not pay income-tax in relation to such income in any previous year, and subsequently, in consequence of any retrospective amendment of law or the decision of the Supreme court of India, or as the case may be, a decision of a larger Bench of the jurisdictional High Court(which was not challenged before the Supreme Court and has become final), in any assessment or re-assessment proceedings the advance tax paid by the assessee during such financial year is found to be less than the amount of advance tax payable on his current income, and the assessee is chargeable to interest under section 234B or section 234C, and the Chief Commissioner/Director General is satisfied that this is a fit case for reduction or waiver of such interest.- Decided against assessee.
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