2011 (6) TMI 565

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....,SC FOR IT   J U D G M E N T   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 retu....

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....ed under Section 234B and C has been waived. It 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 as....