9911796707
TMI Blog2005 (4) TMI 41X X X X Extracts X X X X X X X X Extracts X X X X ..... of Income-tax, Bangalore, granting partial relief to the assessee in regard to the waiver of interest levied under section 234B of the Income-tax Act, 1961 (hereinafter called the Act). The facts giving rise to these appeals in so far as they are relevant, lie in a narrow compass and these may first be noticed. The assessee is engaged in the business of hatchery. It filed its returns of income for the relevant assessment years in time claiming, amongst others, the benefit of special deduction under sections 80HHA and 80-I of the Act. This exemption was claimed on the basis of a Division Bench judgment of this court in CIT v. Rahebar Farms Ltd. (I.T.R.C. No. 25 of 1991) wherein this court had held that units engaged in the business of hatch ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l the assessment years on January 31, 2001, and deposited all the tax that was payable in terms thereof. The assessments were completed by the Assessing Officer under section 143(3) of the Act. The Assessing Officer levied interest under section 234B of the Act on the ground that the assessee had defaulted in the payment of advance tax in regard to the amount which had now become taxable in view of the pronouncement of the Supreme Court in Venkateswara Hatcheries' case [1999] 237 ITR 174. It was then that the assessee filed an application before the Chief Commissioner of Income-tax claiming waiver of interest under section 234B of the Act in terms of clause (d) of para. 2 of the notification dated May 23, 1996 issued by the Central Board of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rdingly at least by April 30, 1999. The petitioner has filed the returns in response to notice under section 148 only on January 31, 2001. In view of the above, the interest chargeable under section 234B up to April 30, 1999, vis-à-vis the income assessed for the assessment years 1993-94, 1994-95,1995-96 and 1997-98 on account of the Supreme Court's decision referred to above, is hereby waived. Interest, if any, chargeable subsequent to April 30, 1999, and up to the date of assessment shall be charged and collected by the Assessing Officer." Feeling aggrieved by the aforesaid order the assessee filed the writ petitions out of which the present writ appeals have arisen claiming that it was entitled to full waiver of interest and that it wa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... his court. Of course, the amounts which had earlier been allowed as deductions became liable to tax and it was for the Assessing Officer to issue a notice under section 148 of the Act to assess the escaped income. We do not agree with the reasoning of the Chief Commissioner that the assessee was required to file a revised return voluntarily after the judgment of this court had been reversed in appeal. The notice under section 148 of the Act was issued to the assessee in regard to the relevant assessment years only on December 27, 2000, and it is common case of the parties that the assessee filed its revised returns within the time allowed by that notice and the assessments were completed under section 143(3) of the Act. The tax that became ..... X X X X Extracts X X X X X X X X Extracts X X X X
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