TMI Blog2011 (6) TMI 565X X X X Extracts X X X X X X X X Extracts X X X X ..... earned is on borrowed funds and is not assessable to tax. Ext.P1 is the copy of the assessment order which was challenged in the revision petition. Finally it was held in Ext.P3 that the assessee has not made out a case for waiver of interest charged under Section 234B and the revision petition was dismissed, writ petition is dismissed - OP.No. 25976 of 1999(P) - - - Dated:- 13-6-2011 - MR. J ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed that the interest earned is on borrowed funds and is not assessable to tax. Ext.P1 is the copy of the assessment order which was challenged in the revision petition. Finally it was held in Ext.P3 that the assessee has not made out a case for waiver of interest charged under Section 234B and the revision petition was dismissed. 3. In the reply affidavit filed by the petitioner, Ext.P4 order ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (Pvt) Ltd's case (supra) was holding the field and hence, it cannot help the petitioner herein. All the aspects have been considered by the Chief Commissioner of Income Tax in Ext.P3 order. 5. In the light of the decision of the Apex Court as noticed above which favoured the assessment, it cannot be said that the view taken in Ext.P3 is wrong. 6. Learned Senior Counsel appearing for the petit ..... X X X X Extracts X X X X X X X X Extracts X X X X
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