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The Commissioner of Income-tax (Central) , Ludhiana Versus M/s. Mahesh Munjal HUF, Ludhiana

2015 (7) TMI 411 - PUNJAB & HARYANA HIGH COURT

Interest payable by assessee on short payment of advance tax - whether the assessee was liable to pay interest on account thereof under Section 215 in respect of the enhanced share - Held that:- The Deputy Commissioner, in the present case, considered the circumstances to justify a reduction or waiver. Sub-rule (5) of rule 40 is wide enough to cover cases where the assessee estimates his income bona fide and pays advance tax on the basis thereof. It is neither necessary nor proper to enumerate c .....

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ase. We see no reason to interfere with the exercise of that discretion. - Decided against the revenue. - ITR No. 7 of 1997 (O&M) - Dated:- 30-6-2015 - S. J. Vazifdar, Acting Chief Justice And G. S. Sandhawalia,JJ. For the Appellant : Ms. Savita Saxena, Advocate For the Respondent : Mr. Alok Mittal, Advocate JUDGMENT S. J. Vazifdar, Acting Chief Justice (Oral):- This is a reference by the Income Tax Appellate Tribunal under Section 256(1) of the Income-tax Act, 1961, of the following question of .....

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ued directions in Income-tax Case No.143 of 1994 directing the Tribunal to refer the question of law. It is pursuant to the said order that the present reference has been made. The statement of the case states as follows. 3. The assessee filed a return of income for the assessment year 1984-85 in the status of HUF declaring an income of ₹ 42,810/-. The income was stated to be the assessee s share from a firm, dividend and interest. The Assessing Officer held the income to be that of the as .....

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of the assessee s share in the firm. The Revenue s appeal before the Tribunal was dismissed. The Revenue filed an application under Section 256(1) of the Act for reference of two questions of law. The aforesaid questions were not referred initially, but were referred in the circumstances already set out. 5. The issue as to whether the share from the partnership firm came to the assessee in his capacity as a member of the HUF or in his individual capacity stands concluded in favour of the assess .....

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e relevant read as under:- Section 215. Where, in any financial year, an assessee has paid [advance tax under section 209A or section 212 on the basis of his own estimate(including revised estimate)], and the advance tax so paid is less than seventy-five per cent of the assessed tax, simple interest at the rate of [fifteen] per cent per annum from the 1st day of April next following the said financial year up to the date of the regular assessment shall be payable by the assessee upon the amount .....

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D] [section 195 and section 196A] so far as such tax relates to income subject to advance tax and so far as it is not due to variations in the rates of tax made by the Finance Act enacted for the year for which the regular assessment is made.] Rule 40. The Assessing Officer may reduce or waive the interest payable under section 215 or section 217 in the cases and under the circumstances mentioned below, namely: - (5) Any case in which the Deputy Commissioner considers that the circumstances are .....

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ppellant was a partner, will not be accepted by the ITO. The DCIT(A) directed the ITO to see whether interest under Section 215 was still chargeable even after excluding the addition made in the share income and that if no such interest becomes chargeable then nothing should be charged from the appellant. He further directed that if interest under Section 215 is still chargeable, the explanation given by the appellant ought not to be accepted and directed the ITO, in that event, to charge intere .....

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n record that indicates that the assessee being a partner of the firm was aware of or had reason to believe that the return filed by the firm was false or unsustainable. Merely because a person or an entity is a partner of a firm it does not necessarily follow that he was aware of every detail of the income tax returns filed by the firm. In any event, the finding of the DCIT(A) and of the Tribunal can hardly be said to be perverse. 9. We therefore proceed, for the purpose of this reference, on t .....

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