1998 (11) TMI 96

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....ring his total income as Rs. 13,220. This was followed by a revised return filed on March 16, 1990, disclosing an income of Rs. 1,26,220. The return was further revised by the appellant on April 22, 1990, disclosing an income of Rs. 2,69,880. An amount of Rs. 1,09,190 was payable as tax on the income disclosed in the second revised return, but he paid along with the second revised return a sum of Rs. 1,02,180 only leaving behind a balance of Rs. 7,010 unpaid. The assessing authority completed the assessment under section 143(3) of the Income-tax Act and demanded the balance amount of Rs. 7,010 on March 29, 1990. The appellant paid the balance amount on April 13, 1990. The assessing authority levied interest amounting to Rs. 36,821 under sec....

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.... for the waiver. Learned standing counsel for income-tax contended that the appellant has not paid the advance tax, therefore, as per section 139 of the Act the assessing authority has correctly levied the interest and as the appellant has not paid the advance tax the question of granting waiver does not arise and the Commissioner and the learned single judge have rightly rejected the same. In view of the abovesaid contentions, the point for consideration is whether an assessee is entitled for the waiver of interest when he has paid the self-assessed tax along with the revised return which he filed voluntarily. Section 139(8)(a) of the Act as it stood then provides for levying of interest where the return is filed after the specifi....

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....n as is referred to in sub-section (3A) of section 212 has not sent the estimate referred to therein, simple interest at the rate of fifteen per cent. per annum from the 1st day of April next following the financial year in which the advance tax was payable in accordance with the said sub-section (4) or, as the case may be, sub-section (3A) up to the date of the regular assessment shall be payable by the assessee upon the amount by which the advance tax paid by him falls short of the assessed tax as defined in sub-section (5) of section 215. (2) The provisions of sub-sections (2), (3) and (4) of section 215 shall apply to interest payable under this section as they apply to interest payable under that section." Section 273A as it stoo....