2001 (5) TMI 22

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ntroversy in this case lies in a very narrow compass. The petitioner filed an application before the Chief Commissioner of Income-tax, Delhi (in short "the Commissioner"), praying for waiver of interest under section 234C of the Income-tax Act, 1961 (in short "the Act"), in relation to the assessment year 1999-2000. The petitioner's case for waiver was based on its claim that it could not an....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....n-audited results were published in the newspapers as required under the Companies Act, 1956 (in short "the Companies Act"). Reliance was also placed on the circular dated May 23, 1996, issued by the Central Board of Direct Taxes (in short "the Board"). The Commissioner considered the case for waiver and directed that waiver was to be given to the extent of 50 per cent. The following observatio....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....that the totality of circumstances has been taken into consideration. According to him, waiver of interest being discretionary and the Commissioner having exercised his discretion fairly, there is no scope for any interference. It is, no doubt, true, as contended by learned counsel for the respondents, that waiver of interest is at the discretion of the concerned official. But the discretion mu....