2021 (3) TMI 127

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....er is a partner in M/S Hotel Akash and Rohini Shopping Complex. On 19.7.2006 notice under Section 132 of Income Tax Act 1961 was carried out in the business and residential premises of the petitioner. During the course of search, several documents and materials were seized which were made use of in the subsequent assessment proceedings carried out by the Assistant Commissioner of Income Tax, Central Circle, Kollam. Proceedings were also initiated by issuance of notices dated 5.2.2007 u/s 153A and u/s 153C of the Act. Petitioner filed revised returns declaring further income to be assessed for the different assessment years commencing from 1999- 2000 & 2000-02 to 2007-08. Accordingly assessments were completed under Section 153C/153A r/w Sec....

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....on for the six assessment years is Rs. 1,14,87,045/-. While the aggregate interest levied under Section 234A, 234B and 234C is Rs. 1,21,32,981/-. Both these amounts, aggregating to Rs. 2.26 Crores has been remitted by arranging funds from several sources, including sale of immovable assets so as to enable the petitioner to make a claim for waiver of interest under Section 220(2A) of the Act. During the financial year 2018-19 itself, the petitioner remitted a sum of Rs. 77.21 lakhs in the petitioner's own case and Rs. 22 lakhs in the case of M/s. Hotel Akash. The findings with regard to income from other sources is not backed by any documentary evidence entailing dismissal of applications. 7. On the other hand, Shri.Jose Joseph, learn....

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....peal, preferred, against the assessment order. The demand of interest raised by the revenue was in accordance with the statutory provisions of the Act, which the petitioner failed to countenance with any direct and cogent evidence, except bald and vague plea of hardships. 11. From the cumulative reading of the contents of the applications it is revealed that the applications were filed at the drop of the hat just to avail the remedy as provided under the Act, whereas the conditions enumerated therein are mutually to be complied with and not exclusive under Section 220(2A) of Act, 1967, which read thus: Section 220(2A) in The Income- Tax Act, 1995 (2A) Notwithstanding anything contained in sub-section (2), the Chief C....