Case Law Details
Brief of the Case
High court held In the case of The Fertilizers and Chemicals Travancore Ltd. vs. DCIT & CCIT that the CCIT is empowered and authorized to waive interest under section 234C only if the assessee case falls any of the two cases mentioned in notification dated 26/6/2006 for the income tax authorities to exercise the power under section 119(2)(a). The present case does not fall any of these two cases. Also the liability to pay interest has already confirmed by the orders of CIT (A) and ITAT.
Facts of the Case
The assessee was a public sector undertaking. It filed its return showing a book profit of Rs. 3, 61, 32,102 under section 115J. During assessment, it was found that there is shortfall in the payment of advance tax and accordingly interest u/s 234C charged. The assessee went into the appeals in which levy of interest was upheld by the CIT (A) and ITAT. Subsequently the assessee approached to the CCIT for waiver of interest levied u/s 234C by invoking his powers u/s 119(2)(a). The CCIT dismissed the petition on the ground that levy of interest is already upheld by the CIT (A) and ITAT. Also the case of assessee does not fall under the cases specified by the CBDT in notification dated 26/6/2006 for the income tax authorities to exercise the power under section 119(2)(a).
Contention of the Assessee
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