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TMI Blog2017 (9) TMI 1529X X X X Extracts X X X X X X X X Extracts X X X X ..... pate whether they will be assessable under Section 115-JA /115 JB. An endeavour was required in this regard as a finding of fact had to be recorded while either accepting or rejecting the application for waiver. However, in the instant case, the Authority appears to have been solely guided by the decision, which was relied upon by the petitioner, and had taken a stand that the decision rendered by the Karnataka High Court, being a decision not by the territorial High Court, cannot be made applicable to the facts of the petitioner's case. Writ Petitions are allowed and the impugned orders are set aside and the matters are remanded to the respondent for fresh consideration. - Writ Petition Nos. 9080 and 9090 of 2007 - - - Dated:- 18-9-2017 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... developments on such remand. 4. Be that as it may, if there is any reduction in the tax liability, obviously, it will also impact the quantum of interest, which is to be levied. Therefore, it would be appropriate to remand the matter back to the respondent for fresh consideration and take note of the subsequent developments in the matter, and take a fresh decision. The petitioner, while filing an Application for waiver of interest under Section 234 (B) (C) of the Act, dated 13.12.2004, raised the following contentions:- The scheme of advance tax as contained in provisions of 207- 210, refer to 'income' and 'total income' as defied in Section 2 (24) and 2 (45). The deemed income, which is computed under Section 115 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s not applicable, but because, the book-profits could not be computed before the finalisation of accounts. The petitioner, therefore, submits that it was not in a position to anticipate the whether they will be assessable under 115-JA/115-JB. The petitioner was under the bona fide belief that it shall not be liable to pay any tax, including advance tax. 5. Though the aforesaid contentions have been raised, and presumably taken note of, by the respondent, the same were not considered while passing the impugned orders, as there is no finding rendered by the respondent on the factual aspect placed before it. 6. In pure and simple terms, the petitioner's case is that, they were not in a position to anticipate whether they ..... X X X X Extracts X X X X X X X X Extracts X X X X
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