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TMI Blog1986 (11) TMI 124X X X X Extracts X X X X X X X X Extracts X X X X ..... Accountant Member -- This is an appeal by the assessee and the grievance of the assessee is that section 154 cannot be invoked for imposition of interest under section 139(8) of the Income-tax Act, 1961 ('the Act') on the ground that in the original assessment order there being no mention about the charging resulted in a fresh application of mind and, therefore, is not covered by the provisions o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ly on charging of interest other than under section 139(8) except for the Allahabad High Court decision in the case of CIT v. Himalaya Drug Co. [1982] 135 ITR 368. Even this decision relied on is of no help to the assessee for the reason that in that case the issue before their Lordships was that when the interest has not been charged in the assessment order, could it be recovered from the assesse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ee beyond the specified period the assessee shall be liable to pay the interest. This has a proviso which says that the ITO may, considering the circumstances of each case may reduce or waive the interest payable by the assessee. [Emphasis supplied] The reduction or waiver has to be in accordance with the rule 117A of the Income-tax Rules, 1962, for which purpose the assessee has to make an applic ..... X X X X Extracts X X X X X X X X Extracts X X X X
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