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2005 (10) TMI 60 - HC - Income TaxWaiver/reduction of the interest levied under section 234B - respondent has recorded a finding that the assessee was under a bona fide belief that export cash assistance was not includible in the assessee's income. Further, it has been held that immediately after amendment, the assessee itself requested to include the said item in the taxable income of the year under consideration and paid taxes thereon - In fact, no reason has been assigned by the respondent for retaining the interest at Rs. 1,00,000. In the circumstances, the impugned order dated March 4, 2005, cannot be permitted to stand and is quashed and set aside. The respondent is directed to waive the remainder interest by passing a fresh order
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