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2010 (2) TMI 20 - DELHI HIGH COURTWaiver of interest u/s 234A, 234B and 234C – power of the chief commissioner to waive - where the books of accounts and other documents have been seized during the course of proceedings for search and seizure – held that - it is observed that admittedly the tax audit report for the assessment years 2001-02 and 2002-03 were filed on 31st October, 2001 and 9th October, 2002 respectively. However, the Petitioner filed the income tax returns for the said assessment years and deposited the income tax therefor, only on 31st March, 2003. In this behalf it is seen that a tax audit report is mandatorily prepared by an independent auditor based on the documents and accounts produced by the assessee, and as such it would not have been possible for the Petitioner to file the tax audit reports on 31st October, 2010 and 29th October, 2002, without submitting the necessary documents for verification by the independent auditor, who issued the tax audit reports. Therefore, unless the books of accounts or relevant details thereof maintained by the assessee were produced for the examination of the tax auditor, it would not have been possible for the independent auditor to prepare the tax audit reports. Thus, the plea of the Petitioner that the assessee was not able to file his income tax returns for the said years in time, is without any merit. The Petitioner was obviously possessed of the said relevant details - , the appointed time for the payment of advance tax for the assessment year 2001-02 had long since gone prior to the date of the search and seizure by the CBI. – interest not to be waived
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