1996 (7) TMI 6

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....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 holding that the petitioner has not made any satisf....

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....rder 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 before detection of the income undisclosed, the petiti....