9911796707
TMI Blog2015 (9) TMI 664X X X X Extracts X X X X X X X X Extracts X X X X ..... RDER On 27.8.2015 the following order was passed:- "Petitioner, a partnership firm with the object of carrying on business of real estate did not file within time its return for the assessment years 2006-2007 and 2007-2008, whence, income tax authorities conducted a search of the assessee's premises on 06.01.2009 under Section 132 of the Income Tax Act, 1961 ('Act' for short) follow ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ce dated 20.04.2015 demanding Rs. 63,79,085/- as interest levied under Section 220(2) of the Act for the assessment year 2007-2008. The assessee filed an application on 16.03.2015 requesting waiver of interest under Section 220(2) whereafterwards report was called from the Assessing Officer which when filed disclosed that assessee did not make payment of the demand after assessment was complete ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... laim for waiver of interest under Section 220(2) of the Income-tax Act, 1961 by orders of even date 20.4.2015 Annexures-E and F for the assessment years 2006-07 and 2007-08, respectively. 3. As noticed supra, a law abiding citizen is required to follow the rule of law by filing income tax returns within the time stipulated since taxes are an essential element of the economy and well being of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on 8.5.2014 and the balance of Rs. 75,21,573/- on 20.1.2015 for the assessment year 2006-07, while for the assessment year 2007-08 Rs. 15 lakhs was paid on 11.9.2014 and Rs. 1,11,75,366/- on 20.1.2015. Despite the laxity on the part of the Department in the matter of recovery of the taxes by reason of which petitioner was in possession of the amounts due and payable as tax for almost ten years fr ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
