TMI Blog2018 (3) TMI 476X X X X Extracts X X X X X X X X Extracts X X X X ..... 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. - W.P. (C) No.15456 of 2011 - - - Dated:- 1-11-2017 - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e-assessment was completed. 2. There was a challenge against re-opening of assessment. Ultimately, by the order of this Court, re-opening of the assessment was affirmed. Apart from the demand for capital gains, interest was levied. The petitioner filed an application for waiver of interest. This lead to the impugned order. 3. Learned counsel for the petitioner, relying upon the judgment o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . Learned Standing Counsel appearing for the respondent placed before me the previous circular. Both circulars appear to be more or less the same except to certain other provision. Anyhow, the petitioner's claim is based on clause 2(c) of the circular which reads as follows: Where any income was not chargeable to income tax in the case of an assessee on the basis of any order passed by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... reduction or waiver of such interest . 5. This Court finds that the above clause would not apply to the facts of this case. 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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