9911796707
TMI Blog2001 (2) TMI 18X X X X Extracts X X X X X X X X Extracts X X X X ..... Director General of Income-tax (Investigation) has power to waive the interest levied under section 158BFA(1) of the Income-tax Act. Section 158 BFA(1) - Held, no - assessee's petition is dismissed - - - - - Dated:- 9-2-2001 - Judge(s) : D. P. MOHAPATRA. and SHIVARAJ V. PATIL. ORDER Delay in filing rejoinder affidavit is condoned and the same is taken on record. Heard Shri Arun Monga ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nts or any assets requisitioned under section 132A on or after January 1, 1997, as required by a notice under clause (a) of section 158BC, is furnished after the expiry of the period specified in such notice, or is not fur nished, the assessee shall be liable to pay simple interest at the rate of two per cent. of the tax on undisclosed income, determined under clause (c) of section 158BC. In this ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sued by the Central Board of Direct Taxes. He also referred to a clarification received from the Board that power of waiver of interest under section 158BFA is not vested in him. As noted earlier the High Court confirmed the order passed by respondent No. 2 on the merits. It is pertinent to mention here that the circular dated May 23, 1996, was issued by the Board under section 119(2)(a) of the In ..... X X X X Extracts X X X X X X X X Extracts X X X X
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