9911796707
TMI Blog2015 (1) TMI 425X X X X Extracts X X X X X X X X Extracts X X X X ..... not under the head of income from other sources. In the assessment orders passed against the petitioner, the Assessing authority under the Income Tax Act found that the interest income would be treated as income from other sources. The assessment proceedings attained finality in the year 2003, consequent to the decision of the High Court on the said issue, in the case of the petitioner. In the present writ petition, the petitioner is aggrieved by Exts.P8 and P10 orders, both dated 11.2.2010, whereby his claim for waiver of interest levied under Section 234A, B and C, and Section 220(2) of the IT Act, were rejected by the 1st respondent through separate orders. Exts.P8 and P10 are impugned in the writ petition inter alia on the ground ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ted 26.6.2006. In Ext.P8 order, the 1st respondent considers the contentions of the petitioner, against each of the four categories of situations that are prescribed in the aforementioned circular for grant of waiver of the interest levied under Section 234A, B and C. The 1st respondent has come to the definite conclusion that the case of the petitioner does not fall within the purview of the Board's Circular and therefore there was no scope for granting any waiver of interest under Sections 234A, B and C in the instant case. On a perusal of the said order of the 1st respondent Commissioner, I am convinced that the exercise of discretion by the Commissioner has been validly done and I see no scope for interference with the said order in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o reconsider the matter regarding levy of interest under Section 220(2) of the IT Act in the case of the petitioner, taking into account the peculiar circumstances in this case. No doubt, the 1st respondent would be exercising his discretion in accordance with the provisions of Section 220(2A) of the IT Act but, it must be borne in mind that it is a discretion that has to be exercised judicially and keeping in mind the aspect of genuine hardship to an assessee who is called upon to make payments of exorbitant amounts towards interest liability. In that view of the matter, and treating this as a special case warranting an interference by this Court, I quash Ext.P10 order of the 1st respondent and direct the 1st respondent to reconsider the i ..... X X X X Extracts X X X X X X X X Extracts X X X X
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