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2018 (3) TMI 476 - HC - Income TaxRequest for waiver of interest made upon the reopening of assessment - Held that:- The petitioner disputed his liability to pay income tax on capital gains. The interest levied giving effect to capital gains based on receipt of compensation would not absolve the petitioner from paying tax on capital gains. Further, the circular is only a guideline and it cannot have an overriding effect on the statutory provision. In such situation, this Court is of the view that there is no merit in the writ petition. The Chief Commissioner of Income Tax has rightly rejected the petitioner's request for waiver of interest.
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