9911796707
TMI Blog2001 (5) TMI 22X X X X Extracts X X X X X X X X Extracts X X X X ..... narrow compass. The petitioner filed an application before the Chief Commissioner of Income-tax, Delhi (in short "the Commissioner"), praying for waiver of interest under section 234C of the Income-tax Act, 1961 (in short "the Act"), in relation to the assessment year 1999-2000. The petitioner's case for waiver was based on its claim that it could not anticipate the bumper profit in the fourth q ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... papers as required under the Companies Act, 1956 (in short "the Companies Act"). Reliance was also placed on the circular dated May 23, 1996, issued by the Central Board of Direct Taxes (in short "the Board"). The Commissioner considered the case for waiver and directed that waiver was to be given to the extent of 50 per cent. The following observations were made for denying complete waiver: "An ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... into consideration. According to him, waiver of interest being discretionary and the Commissioner having exercised his discretion fairly, there is no scope for any interference. It is, no doubt, true, as contended by learned counsel for the respondents, that waiver of interest is at the discretion of the concerned official. But the discretion must be exercised in a judicial manner and cannot be t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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