2009 (11) TMI 888

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..... petitioners are income-tax assessees and partners of a firm. For various assessment years, they had been claiming carrying forward of unabsorbed depreciation of the firm for the purpose of computing income tax payable by them. They were computing liability to pay advance tax on that basis. The question as to whether such unabsorbed depreciation of a firm can be allowed to be carried forward in .....

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..... the basis of a Supreme Court decision. In such circumstances, the petitioners are entitled to waiver of interest under Section 234B. The petitioners also rely on the notification of the Central Board of Direct Taxes dated 23rd May, 1996 wherein, the Central Board of Direct Taxes had delegated powers to the Chief Commissioners and Directors General (Investigation) of Income-tax to waive interest u .....

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..... 39; income became higher and the petitioners became liable for payment of advance tax on the basis of that higher income. Therefore, I am unable to countenance the contention of the standing counsel for the Income-tax Department that the petitioners' case is not covered by the notification issued by the Central Board of Direct Taxes relied upon by the petitioner. I am of opinion that the said .....

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