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2006 (6) TMI 82 - HC - Income TaxWaiver of interest under rule 40(1) of the Income-tax Rules 1962, and under rule 117A of the Income-tax Rules, 1962 - the orders in question do not state any reasons for non-waiver of the interest. The respondent has not exercised his discretion in a judicious manner and has not considered the facts and circumstances of this case. The respondent has also not considered that the income of Rs. 70,000 was agreed to be surrendered by the petitioner in view of the assurance given by the respondent. The revised returns were filed by the petitioner only after the respondent had written a letter to the petitioner accepting his offer. We consider that the respondent ought to have considered all the facts and circumstances while considering the application for waiver of the interest. - respondent shall consider and decide the petitioner's application for waiver afresh in accordance with law
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