1973 (10) TMI 12

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....is order. The order challenged herein is an order made by the Commissioner of Income-tax under section 264 of the Income-tax Act, 1961 (the Act). By the said order, the Commissioner dismissed the two revision petitions preferred by the petitioner against the levy of interest under section 215 of the Act for the assessment years 1967-68 and 1968-69. The facts, which are not now in dispute, ma....

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....n reported in C. R. Nagappa v. Commissioner of Income-tax. For the years 1967-68 and 1968-69, since the petitioner paid the advance tax less than 75% of the tax determined on the basis of the regular assessment, the Income-tax Officer levied interest under section 215 of the Act. Aggrieved by the order, the petitioner preferred two revision petitions under section 264. Before the Commissione....

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.... 15, 1968, for the years 1967-68 and 1968-69, respectively. On the said contention, the Commissioner has stated that rule 40 of the Rules does not provide for waiving the interest on such ground or circumstance. Both the reasons of the Commissioner are assailed by Sri Srinivasan before me. Reference to clause (5) of rule 40 of the Rules makes it clear that the Commissioner can reduce or waiv....