1996 (7) TMI 6

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....ies. Rule. At the request of learned counsel for the parties, the matter is fixed for hearing. The petition is filed challenging the order-dated March 25, 1996, passed by the Commissioner of Income-tax under section 273A(1) of the Income-tax Act, 1961. By the impugned order, the Commissioner of Income-tax rejected the prayer of the petitioner to waive penalty as well as interest by holdin....

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....48 was issued to regularise the income and an order was passed assessing the capital gains of Rs. 2,99,000. It was also ordered to initiate penalty proceedings under section 271(1)(c) of the Income-tax Act separately. Thereafter, the petitioner filed an application under section 273A(1) of the Income-tax Act for waiver of interest charges. From the facts stated above, it is apparent that bef....