2001 (2) TMI 18 - SC - Income Tax

Interest levied under section 158 BFA(1) for delay in filing the appeal - assessee took the plea that the delay was caused in getting copies of the relevant documents which had been seized by the department in the course of search and seizure proceedings - whether Director General of Income-tax (Investigation) has power to waive the interest levied under section 158BFA(1) of the Income-tax Act. Section 158 BFA(1) - Held, no - assessee s petition is dismissed

Summary

Delay in filing rejoinder affidavit is condoned. Assessee challenged order confirming interest levy under section 158BFA(1) of Income-tax Act. High Court upheld Director General's decision. Board does not have power to waive interest under section 158BFA(1). Supreme Court dismissed special leave petition, finding no serious illegality in High Court's decision.