2018 (3) TMI 476

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....writ petition impugns the order of the Chief Commissioner of Income Tax, Trivandrum produced as Ext.P3 under Section 119(2)(a) of the Income Tax Act, 1961. The present dispute is with regard to rejection of the request for waiver of interest made by the assessee consequent upon the reopening of assessment. The assessment was completed and intimation was issued under Section 143(1)(a) of the Act. ....

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....ct introduced by the Finance Act, income tax was levied on capital gains arising out of the acquisition of land on the basis of the date of receipt of compensation and therefore, the capital gains accrued in the year 1987 cannot be saddled with the liability to pay interest. According to the learned counsel for the petitioner, the actual demand could be raised only by way of order by this Court a....

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....ospective amendment of law or the decision of the Supreme Court of India, or as the case may be, a decision of a larger Bench of the jurisdictional High Court (which was not challenged before the Supreme Court and has become final), in any assessment or re-assessment proceedings the advance tax paid by the assessee during such financial year is found to be less than the amount of advance tax payab....