Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2015 (11) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2015 (11) TMI 808 - MADRAS HIGH COURTWaiver of interest under Sections 234B and 234C - Held that:- As decided in UB Global Corporation Limited Vs. Chief Commissioner of Income Tax [2013 (5) TMI 126 - KARNATAKA HIGH COURT] the decision of incidence and applicability of Income Tax under the Act, need not necessarily be in the case of the assessee, but could be in any other case i.e. of any other assessee or otherwise. As long as the decision covers the field of Income Tax legislation, as may be applicable to any assessee, 'would be a circumstance for reduction of waiver of interest under Section 234 A to C as the case may be A division bench of the High Court of Gujarat in Bhaneben’s case (2004 (3) TMI 35 - GUJARAT High Court) regard being had to the facts obtaining therein over delay in filing the return of income resulting in late payment of taxes, an unavoidable circumstance - Waiver of interest can be considered. The Board, in exercise of powers conferred under clause (a) of sub-section (2) of Section 119 of the Act, has issued a Circular/Notification No. 400/234/95-IT/B dated 23-5-1996, empowering the Chief Commissioner and the Director General, Income Tax, to waive or reduce the interest chargeable under Section 234B and two other sections in the class of cases or class of incomes, specified in paragraph 2 thereof for the period and to the extent the Chief Commissioner/Director General deem fit, subject to fulfilment of the conditions enumerated therein. See Sita Holiday Resorts Ltd. Versus Chief Commissioner of Income-tax And Others [2002 (9) TMI 99 - DELHI High Court - Income Tax]. - Decided in favour of assessee.
|