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TMI Blog2018 (1) TMI 514X X X X Extracts X X X X X X X X Extracts X X X X ..... st is not a statutory right given to the Assessee but based on the Circular and therefore, strict interpretation of the Circular has to be done. Facts of the case clearly reveals that the petitioner does not fall under any of the Clauses 2(a) and 2(d) of the Circular, dated 26.06.2006. Therefore, the respondent was fully justified in not exercising his discretion and waiving the interest levied ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 234A, 234B and 234C of the Act, amounting to ₹ 12.30 lakhs for assessment years 1989-90 and 1990-91. 3.Before I consider as to whether the petitioner is entitled for waiver, the following facts should be taken note of. The assessee has given a statement on oath under Section 132(4) during the course of Search under Section 132 in the premises connected with the petitioner. Disclosure was ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... axmann.com 162 (Madras) / [2017] 396 ITR 171 (Madras). While, considering the scope and ambit of Circular dated 26.06.2006 took note of the circumstances under which the Chief Commissioner and/or the Director General of Income Tax would have power to reduce or waive interest. At this juncture, it is worthwhile to refer a few paragraphs of the said judgment: 11.2.Therefore, what is required t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... income for the relevant AY and paid the entire income tax (principal component of demand due on the income, as assessed). 11.6 Therefore, what emanated upon perusal of the Circular is that, unless the Assesse's case falls under the circumstances set out in paragrapg 2(a) to 2(d) of the Circular dated 26.06.2006, which includes classes of cases and / or classes of incomes, the Chief Commis ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Circular and therefore, strict interpretation of the Circular has to be done. 7.Facts of the case clearly reveals that the petitioner does not fall under any of the Clauses 2(a) and 2(d) of the Circular, dated 26.06.2006. Therefore, the respondent was fully justified in not exercising his discretion and waiving the interest levied. Thus, there is no error in the impugned order. Accordingly, the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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