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2017 (6) TMI 730 - HC - Income TaxWaiver of interest under Section 220 (2) - whether the Petitioner failed to show that it had suffered genuine hardship’? - Held that:- As rightly noted by the CIT, the mere fact that the interest was 1.5 times the tax by itself does not have any relevance for determining whether the Assessee was suffering from any ‘genuine hardship’. The fact that the Assessee is a part of ‘DuPont’, a global conglomerate which had in 2011 $37.96 billion in net sales and $6.253 billion as operating profit, cannot be said to be an irrelevant factor in considering whether any ‘genuine hardship’ was undergone by the Petitioner. Further, in comparison to the profitability of the Petitioner over the years, the amount paid by it towards interest under Section 220 (2) of the Act was merely $0.004 billion (approx). In the circumstances, the conclusion arrived at by the CIT that no ‘genuine hardship’ can be said to have been caused to the Petitioner cannot be said to be an erroneous exercise of discretion by the CIT. - Decided against assessee.
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