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2014 (8) TMI 1193 - HC - Income TaxWaiver of 20% of the interest demanded u/s 234B - delay in payment of the capital gain tax - assessee is a retired Scientist from the Indian Defence Organisation - Learned single Judge directed the assessee to pay 20% of the interest demanded as against 100% claimed by the Revenue - HELD THAT:- Assessee claimed exemption of payment from ‘Capital Gains Exemption Bonds’ by investment in the Government bonds. Though the amount was acknowledged, for want of Pan number, bonds were not issued. Though, he rectified the mistake, still he could not get the benefit. In the meanwhile, law was amended imposing limitation to the extent of only ₹ 50 Lakhs notified by way of a Notification, subsequently, by way of amendment about which the assessee was completely ignorant. After coming to know of the same, he hasdeposited ₹ 50 Lakhs and thereafter he has paid capital gain tax of the balance amount. The demand of interest is for the delay in payment of the capital gain tax. The learned single Judge has carefully taken note of the facts and circumstances of the case, the statutory provisions, the Circulars issued and also the orders passed by the Authorities and was of the view that there was no intention to evade payment of tax. The delay is on account of bona fide mistake and therefore, he reduced the interest to 20%, thus, waiving 80% of the interest payable. No justification to interfere with a well considered order passed by the learned single Judge. In that view of the matter, we do not see any merits in this appeal.
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