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2015 (9) TMI 664 - KARNATAKA HIGH COURT

2015 (9) TMI 664 - KARNATAKA HIGH COURT - TMI - Waiver of interest under Section 220(2) rejected - whether petitioner suffered genuine hardship? - Held that:- petitioner, a partnership firm, did not submit its returns for the year 2006-07 and 2007-08 within the time stipulated but did so only after the machinery provided under the Income Tax Act was put into force i.e. a search conducted and notice issued, pursuant to which returns were filed on 20.9.2010. The conduct of the petitioner speaks vo .....

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5 for the assessment year 2006-07, while for the assessment year 2007-08 ₹ 15 lakhs was paid on 11.9.2014 and ₹ 1,11,75,366/- on 20.1.2015. Despite the laxity on the part of the Department in the matter of recovery of the taxes by reason of which petitioner was in possession of the amounts due and payable as tax for almost ten years from the assessment year 2006-07, yet again speaks volumes of the conduct of the petitioner in the matter of payment of taxes.

If regard is ha .....

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lining waiver of interest at the request of the petitioner. - Decided against assessee. - Writ Petition Nos. 29258-29259 of 2015 (T-IT) - Dated:- 4-9-2015 - Ram Mohan Reddy, J. For the Appellant : Sri M V Seshachala Senior Counsel A/w Sri Aravind V Chavan, Adv. For the Respondent : None ORDER On 27.8.2015 the following order was passed:- "Petitioner, a partnership firm with the object of carrying on business of real estate did not file within time its return for the assessment years 2006-20 .....

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t the assessee had not commenced trading business, but purchased immovable properties during the assessment year 2006-07, however did not disclose the source of consideration for purchase of the immovable properties. The return for the year 2006-2007 was accepted under Section 143(3) of the 'Act', while the return for the assessment year 2007-2008 income when assessed at ₹ 2,06,00,000/- on 30.12.2010 made a demand for ₹ 1,26,75,366/-. The Prl. Commissioner for Income Tax issu .....

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g the bank account and properties of the assessee, payment of ₹ 15,00,000/- was made on 11.9.2014 and ₹ 1,11,75,366/- on 20.01.2015, and the assessee did not cooperate during the recovery of tax despite having extended ample opportunities. Prl. Commissioner of Income Tax-V declined to accept the cause shown for hardship to waive interest under Section 220(2) and rejected application. Hence this petition. After having heard Sri M.V.Seshachala, learned Senior Counsel for petitioner, he .....

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ncome tax returns within the time stipulated since taxes are an essential element of the economy and well being of the country. If this is kept in mind, petitioner, a partnership firm, did not submit its returns for the year 2006-07 and 2007-08 within the time stipulated but did so only after the machinery provided under the Income Tax Act was put into force i.e. a search conducted and notice issued, pursuant to which returns were filed on 20.9.2010. The conduct of the petitioner speaks volumes .....

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