2009 (11) TMI 888

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....t : SRI.P.K.R.MENON(SR.),SR.COUNSEL FOR IT S. Siri Jagan, J.  JUDGMENT  The petitioners are income-tax assessees and partners of a firm. For various assessment years, they had been claiming carrying forward of unabsorbed depreciation of the firm for the purpose of computing income tax payable by them. They were computing liability to pay advance tax on that basis. The questio....

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.... not because of any fault on the part of the petitioners but purely because of change of law on the basis of a Supreme Court decision. In such circumstances, the petitioners are entitled to waiver of interest under Section 234B. The petitioners also rely on the notification of the Central Board of Direct Taxes dated 23rd May, 1996 wherein, the Central Board of Direct Taxes had delegated powers to ....

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....rry forward unabsorbed depreciation. It is the direct result of the same that the petitioners' income became higher and the petitioners became liable for payment of advance tax on the basis of that higher income. Therefore, I am unable to countenance the contention of the standing counsel for the Income-tax Department that the petitioners' case is not covered by the notification issued by ....