TaxTMI 
TaxTMI 
2015 (11) TMI 808
X X X X Extracts X X X X
X X X X Extracts X X X X
....er is that the Petitioner is a Partnership 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....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... not correct to say that only the assessee, 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 becau....
X X X X Extracts X X X X
X X X X Extracts X X X X
....llows:- "14. Viewed in this perspective, the decision 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 faile....
X X X X Extracts X X X X
X X X X Extracts X X X X
....able circumstances responsible for the delay in filing of the return of income, ordinarily such circumstances would also qualify to be considered as unavoidable circumstances responsible for the delay in late payment of taxes." 11. In 258-2002-ITR-751 (Sita Holiday Resorts Limited Vs. Chief Commissioner of Income Tax and others), the Delhi High Court has held as under:- "However, in order to mitigate the hardships in deserving cases, the Board, in exercise of powers conferred under clause (a) of sub-section (2) of Section 119 of the Act, has issued a Circular/Notification No. 400/234/95-IT/B dated 23-5-1996, empowering the Chief Commissioner and the Director General, Income Tax, to waive or reduce the interest chargeable under S....