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TMI Blog2013 (7) TMI 115X X X X Extracts X X X X X X X X Extracts X X X X ..... ction 153A of the Act. Then it is open to the assessee to approach the Revenue Authorities for waiver of interest. Even after making out a case for waiver and the waiver is not granted by the Authorities, then it could be said that the assessee is aggrieved and then he can approach this Court. As rightly pointed out by the Tribunal that no material is brought on record to show that the absence of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ore the returns u/S 153A of the Act were filed only on receipt of the seized material. The Revenue cannot charge interest for the aforesaid delay. However the Tribunal relied on the judgment of the Apex Court in the case of M S Ghaswala 251 ITR 1 (SC) and held that the assessee has not brought any material on record to show that the absence of seized material or the fact that there was a delay on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... efaults in payment of advance tax. This is based on the principle that whenever the tax is not paid on due date or return is not filed within the time prescribed, the Revenue is deprived of the tax and the assessee would have the benefit of the said amount. Therefore, the interest is levied to compensate for such loss. In regard to the aforesaid judgment in the case of T P Indrakumar -vs- ITO this ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... grieved and then he can approach this Court. As rightly pointed out by the Tribunal that no material is brought on record to show that the absence of seized materials or the fact that there was a delay on the part of the Revenue in giving the seized material was the reason for the delay in filing the return of income, the assessee cannot be granted any relief as prayed for. In that view of the mat ..... X X X X Extracts X X X X X X X X Extracts X X X X
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