Housing and Urban Dev Corp Ltd. Vs JCIT (Supreme Court of India)- On submission of counsel that assessee intend to make application before CBDT, the SC permitted assessee to make a representation to the CBDT, within fifteen days under s 119(2) either for the waiver of interest or to condone the delay in filing the rectification application under s 154 on account of a mistake, the interest income was offered to tax and the tax was also paid on it.
Housing and Urban Dev Corp Ltd v JCIT
Supreme Court of India
Special Leave to Appeal (Civil) No(s). 12002/2011
Decided on: 11 July 2011
Judgement
Mr. Shyam Divan, learned senior counsel appearing for the assessee, states that, in view of the directions given in the impugned judgement by the High Court, the assessee would like to move C.B.D.T. under section 119(2) of the Income Tax Act, 1961. In the present case, the assessee contends that, on account of mistake in offering to tax the interest income and on the assessee paying tax on such income, interest should not be levied.
2. In our view, this is a fit case for C.B.D.T. to consider. Hence, we dispose of this special leave petition by giving two weeks’ time to the assessee to make representation to C.B.D.T. under section 119(2) of the Income Tax Act, 1961 either for waiver of interest or to condone the delay in filing rectification application under section 154 of the Income Tax Act, 1961. We express no opinion on merits.
