TMI Blog2017 (11) TMI 1757X X X X Extracts X X X X X X X X Extracts X X X X ..... , it is beyond the scope of this court to sit upon their wisdom. It is to be noted that rule 40 is only an enabling provision and the assessee cannot as a matter of right claim waiver of interest or reduction. The guidelines as referred to under rule 40 have to be understood in the mandate of levying of interest under section 215 of the Income-tax Act. Therefore, merely because there is an observa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... essee was allowed deduction under section 32A as well as under section 32AB. Finding that both requests cannot be granted, only deduction under section 32A was permitted. An order has been passed rectifying the order of determination by invoking the power under section 154 of the Act. There was a challenge against this order. Ultimately, this court upheld the claim of the Revenue by exhibit P7 jud ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... relevant paragraph in exhibit P15 order which reads as follows : On the other hand, the delay in completion of assessment cannot be entirely attributed to the assessee since it is only natural for heavy cases to consume more time to arrive at the correct decision. In this case also, the long drawn legal battle, whether warranted or not, indicates the gravity of the issue to be decided. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... understood in the mandate of levying of interest under section 215 of the Income-tax Act. Therefore, merely because there is an observation that delay cannot be attributed to the assessee itself, that will not result in waiver of interest. Taking note of the over all facts involved, the authority had given 50 per cent. of reduction of interest. In the above circumstances, this court finds no r ..... X X X X Extracts X X X X X X X X Extracts X X X X
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