1999 (1) TMI 5

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....d mandamus to call for the records relating to the petitioner in C. No. 1241-II/42 to 44 of 1988 dated November 2, 1989, passed under section 264 of the Income-tax Act, 1961, and consequently direct the first respondent to grant relief in respect of interest claimed for the assessment years 1981-82, 1982-83 and 1983-84. The assessee is a company. Learned counsel for the petitioner has argued th....

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....ejected by the respondent-Department on the ground that it was out of time. It has also been stated that the interest can be said to be payable only when it was debited in the assessee's or in the bank's books. In the revision the Commissioner has observed that "in fact it is seen that the bank had originally agreed to waive the interest on the loans. It is noticed from the bank's letter dated Oct....