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TMI Blog2013 (1) TMI 312X X X X Extracts X X X X X X X X Extracts X X X X ..... nces beyond the control of the assessee is also established. Waiver of interest levied u/s 234A and 234B - allowed when conditions specified in the notification F.No. 400/29/2002-IT (B) dated 26th of June 2006 are satisfied - Held that:- None of the conditions specified in notification are applicable and in spite of it, the order shows 1/3rd of the interest has been waived up to the assessment year 1992-93 the petitioner cannot seek waiver of interest levied under Section 234 A and Section 234 B. - W.P.C. NoS. 14634 of 2008 & 15054 of 2008 - - - Dated:- 1-1-2013 - ANTONY DOMINIC, J. PETITIONER BY ADVS. SRI.T.M.SREEDHARAN SRI.V.P.NARAYANAN RESPONDENT BY SRI. GEORGE K. GEORGE, SC FOR IT JUDGMENT The pa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... conditions should be satisfied by the assessee to claim the benefit of waiver, if it is found that anyone of the conditions have not satisfied the claim of the assessee has to fail. 5. In so far as this case is concerned, reading of the impugned order shows that the first respondent has specifically found that this is not a case where the assessee had established that payment of interest would cause genuine hardship to him. This conclusion is on the basis that the assessee is a partner in two firms doing business in liquor and also in a firm running a theatre. It is also found that asseessee has substantial agricultural income and that he owns 5.22 acres of coconut garden and 1.10 acres of cashew plantation. These facts found by the first ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er Sections 234 A B could be waived by the first respondent, only if the conditions specified in the notification F.No. 400/29/2002-IT (B) dated 26th of June 2006 are satisfied. The first condition requires seizure of documents in search and seizure operations and the second condition is applicable only where interest is charged under Section 234(c). Third condition is applicable only in case where statute has been amended retrospectively and the fourth condition is applicable only where return is filed voluntarily. In so far as this case is concerned none of these grounds are applicable and in spite of it, the order shows 1/3rd of the interest has been waived up to the assessment year 1992-93. Since conditions specified in the notificati ..... X X X X Extracts X X X X X X X X Extracts X X X X
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