1980 (11) TMI 43

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....titioner has challenged a part of the common order made by the Commissioner of Income-tax on the applications that had been filed by the petitioner for relief under s. 273A of the I.T. Act, 1961. The matters relate to the assessment years 1968-69, 1970-71 to 1973-74 and 1976-77 (six years in all). The assessee by his applications prayed for the waiver of penalty under ss. 271(1)(a), 273(b) and int....

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....viable u/s. 271(1)(a) and u/s. 273(b) and also interest levied u/s. 139(8) for all the above asst. years. As far as the interest levied u/s. 217, there is no need to interfere as the advance tax payable under the Act had been retained by the petitioner and he had the user of the money during the period. The collection of interest thereon is reasonable and, therefore, this interest is retained." ....

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....A is in the light of the fact that the interest under s. 217 was payable by the assessee. The question of waiver has to be considered notwithstanding the fact that the assessee was liable to pay the interest and had not paid it. The mere fact that the assessee had failed to file the estimate and thereby become liable to be charged with the interest and he had not paid the interest would not by its....