2012 (10) TMI 610

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....tioner challenges Ext.P7 order. For the assessment year 92-93, the claim of the petitioner for deduction under Section 80HHC of the Income Tax Act was finally held against the petitioner by Ext.P3 judgment of this Court. Thereafter the Tribunal passed Ext.P4 consequential order and the assessing officer passed Ext.P5. In Ext.P5 order, the assessing officer also levied interest as provided under Se....

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....s on 31/3/2006, the assessee had cash balance of Rs.23,04,809, Debtors of Rs.30,07,500 as against creditors of Rs.3,16,469/-, export incentives receivable of Rs.14,30,904/- and assets worth Rs.52,97,037/-. The assessee has to satisfy all the three conditions stipulated under section 220(2A) of the IT Act for getting the interest reduced or waived. It is seen from the report of the Assessing Off....

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....the first condition of genuine hardship has not been proved by the petitioner. The findings in Ext.P7 extracted above shows that the assessee had cash balance, amounts due from the debtors, amount due towards export incentives and also substantial assets. Therefore, it cannot be said that the assessee has proved genuine hardship which is a condition precedent for claiming the benefit of Section....