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2017 (9) TMI 1353 - HC - Income TaxPetition u/s 119(2)(a) seeking waiver of interest u/s 234C - non-payment of installment of advance tax - due to receipt of extra-ordinary item of income, the company has become liable to pay tax u/s.115JB - Held that:- In the present case, the moment an order favourable to the petitioner-assessee was passed by the Hon'ble Supreme Court on 15-07-2013 directing the HSBC to pay the amount of ₹ 102,59,36,115/- which was deposited by the HSBC Bank with the Registry of the Hon'ble Supreme Court followed by order dated 05-08-2013 to release the amount and which fund was released to the petitioner-assessee on 03-10-2013, that amount of ₹ 102,59,36,115/- became assessable to tax under Section 115JB of the Income Tax Act, 1961. After the said order passed by the Hon'ble Supreme Court on 15-07-2013 followed by order dated 05-08-2013, the assessee-Company could not have contended that it could not anticipate the accrual of income under Section 115JB of the Act and therefore, it ought to have paid advance tax installments taking into account such accrued income for the quarter ending 15-09-2013. Having not paid that amount, the interest liability under Section 234C of the Act automatically stood attracted. Chief Commissioner has already granted 100% waiver for non-payment of advance tax on this amount for the quarter end of 15-06-2013 amounting to ₹ 5,05,359/- which the assessee perhaps deserved in the facts and circumstances of the case. But thereafter, merely because the review petition came to be filed by the HSBC Bank which was ultimately dismissed by the Hon'ble Supreme Court vide Annexure-3 dated 03-12-2013, the assessee-company could not have prayed for waiver of interest under Section 234C of the Act for the quarter ending 15-09-2013. Therefore, the impugned order passed by the respondent-Chief Commissioner appears to be perfectly just and legal and does not require any interference by this Court.
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