https://www.taxtmi.com/caselaws?id=22609 The High Court allowed the writ petition challenging the Commissioner's order under section 264 of the Income-tax Act, which levied interest under section 217 for non-filing of advance tax estimate. The Court emphasized the retrospective amendment disallowing the benefit of section 80J on borrowed capital, impacting the petitioner's entitlement to carry forward losses. The Commissioner's dismissal of the petitioner's application for waiving interest was deemed flawed, and the Court directed reconsideration, highlighting the need to consider all relevant circumstances. The matter was remanded for fresh consideration, stressing the importance of fairness and consistency in decisions regarding penalty and interest waivers in tax assessments. en-us Mon, 03 Sep 1990 00:00:00 +0530 Fri, 11 Dec 2009 13:53:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=22609 The High Court allowed the writ petition challenging the Commissioner's order under section 264 of the Income-tax Act, which levied interest under section 217 for non-filing of advance tax estimate. The Court emphasized the retrospective amendment disallowing the benefit of section 80J on borrowed capital, impacting the petitioner's entitlement to carry forward losses. The Commissioner's dismissal of the petitioner's application for waiving interest was deemed flawed, and the Court directed reconsideration, highlighting the need to consider all relevant circumstances. The matter was remanded for fresh consideration, stressing the importance of fairness and consistency in decisions regarding penalty and interest waivers in tax assessments. Case-Laws Income Tax Mon, 03 Sep 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=22609