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2017 (7) TMI 663 - HC - Income TaxDenial of waiver of interest levied under Section 234(B)- Held that:- When identical issue came up for consideration before the Division Bench in the case of M/s Upasana Finance Limited vs. Deputy Commissioner of Income Tax, Company Circle III (3) [2016 (7) TMI 1323 - MADRAS HIGH COURT] remanded the matter for fresh consideration to decide the question as to whether Lease Equalisation Reserve and Special Depreciation Reserve would fall under clause (g) to the explanation to the second proviso of Section 115JA of the Income Tax Act. In the instant case also such procedure has to be adopted as the respondent has to take note of the legal position which holds the field as on date and in particular, when the amended provision was given retrospective effect. Writ petitions are allowed and the impugned orders are set aside and the matters are remanded to the respondent to decide the question of law which has been raised by the petitioner and as noticed above, after affording an opportunity of personal hearing to the petitioner and pass appropriate orders, on merits and in accordance with law.
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