1990 (9) TMI 37

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.... B. P. JEEVAN REDDY C J. -This writ petition is filed against the order of the Commissioner dated August 28, 1987, under section 264 of the Income-tax Act. The petitioner is a public limited company. For the assessment year 1984-1985, it did not file an estimate of advance tax which ought to have been filed on or before June 15, 1983. The petitioner filed the return for the assessment year 1....

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....rrowed capital : vide Lohia Machines Ltd. v. Union of India [1985] 152 ITR 308. According to section 80J, as amended, the petitioner was not entitled to carry forward losses and his return for the assessment year 1984-85 could also be not return of losses but a return of substantial income. It is on this score that, while making the assessment for the assessment year 1984-85, the assessing authori....

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....ly, 1978-79 and 1979-80, the appellate authority set aside the orders of assessments with a direction that the assessments be completed in accordance with settled law that would emerge after the decision of the Supreme Court with respect to section 80J. These appellate orders were passed on April 3, 1982, and December 6, 1982. He says further that even though the assessment order for the assessmen....

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....ority on April 3, 1982, and December 6, 1982, on the ground that the said dispute is pending decision before the Supreme Court. Under sub-rule (5) of rule 40, no doubt the question of waiver lies within the discretion of the Deputy Commissioner and it is for him to consider whether there are circumstances justifying the waiver of interest. In this case, however, it is clear that the said discre....