2015 (11) TMI 808

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....p Firm and is engaged in the business of poultry farming and hatcheries. The relevant assessment years are 1996-97 and 1997-98 and the corresponding accounting year ended on 31.03.1996 and 31.03.1997. For all the years, the Petitioner filed income tax returns and claimed deduction under Section 80 IA of the Income Tax Act, 1961 and the same were accepted under Section 143(1)(a), thereby the Petitioner enjoyed the reliefs under Section 80 IA of the said Act viz. (1) for the assessment year 1996-97, Rs. 83,844/- and (2) for the assessment year 1997-98, Rs. 1,51,145/-. Later the Assessing Officer sent a show cause notice under Section 154 of the said Act, stating that the deduction was given wrongly and directed the Petitioner to send objectio....

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.... falling within the jurisdiction of the High Court whose order has been reversed by the Honourable Supreme Court, can claim waiver of interest and that during the relevant accounting period, there was no contra judgement and later, on the basis of the decision of the Honourable Supreme Court, the Petitioner was subjected to higher tax and that the liability which arose subsequently was beyond the control of the Petitioner and hence, the Petitioner could not be penalized. 4. The learned Standing Counsel for the Respondent submitted that the liability to pay interest arose as a result of the decision of the Honourable Supreme Court reversing the order of the Andhra Pradesh High Court and not because of the reversal of any decision given by t....

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....on of the High Court or Supreme Court need not be in the case of the assessee. In other words, the decision of incidence and applicability of Income Tax under the Act, need not necessarily be in the case of the assessee, but could be in any other case i.e. of any other assessee or otherwise. As long as the decision covers the field of Income Tax legislation, as may be applicable to any assessee, 'would be a circumstance for reduction of waiver of interest under Section 234 A to C as the case may be." 9. In 2006-203-CTR-Guj-48 (Devarsons (P) Limited Vs. U.P.Singh), it has been held as under:- "6. It is apparent from the facts of the case that the respondent has failed to give any reason for retaining the interest to the extent of Rs. ....