2011 (6) TMI 565

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....bsp; In this writ petition, the petitioner challenges Ext.P3 order passed by the Chief Commissioner of Income Tax in a revision petition filed by the petitioner. The assessment year is 1996-97.   The issue was considered in the light of the application for waiver of interest charged under Section 234B of the Income Tax Act.   2. In the return of income filed for the above year, 'nil' ....

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.... is pointed out by the Standing Counsel for the respondents that during the year 1996-97, the decision of this Court in Collis Lines (P) Ltd. vs. ITO, A-Ward, Companies Circle, Ernakulam (135 ITR 390) (Kerala) was holding the field. It is true that later in re:CIT vs. Autokast Ltd. (138 CTR 75), a different view was taken which was in favour of the assessee. But the decision of this Court in Colli....