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2015 (7) TMI 411 - HC - Income TaxInterest payable by assessee on short payment of advance tax - whether the assessee was liable to pay interest on account thereof under Section 215 in respect of the enhanced share - Held that:- The Deputy Commissioner, in the present case, considered the circumstances to justify a reduction or waiver. Sub-rule (5) of rule 40 is wide enough to cover cases where the assessee estimates his income bona fide and pays advance tax on the basis thereof. It is neither necessary nor proper to enumerate cases which fall within the ambit of Rule 40(5). It is sufficient to hold that the ambit of sub-rule(5) is wide and that the discretion thereunder must be exercised in a judicious manner. The bona-fides of the assessee in estimating his income and paying the advance tax accordingly are relevant factors and if established fall within the ambit of Section 215(4) read with Rule 40(5). The authorities, therefore, had the jurisdiction to reduce or even to waive the interest in the present case. We see no reason to interfere with the exercise of that discretion. - Decided against the revenue.
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