9911796707
TMI Blog2018 (7) TMI 1483X X X X Extracts X X X X X X X X Extracts X X X X ..... eduction of interest was not considered on merits for the simple reason that according to Chief Commissioner of Income Tax, the petitioner's case is not referable to any of the categories referred in Exhibit P4 notification, dated 26/6/2006, issued by the Central Board of Direct Taxes. Having adverted to the notification, this Court is of the view that the petitioner could not remit tax within ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 007 - - - Dated:- 13-3-2018 - MR. A. MUHAMED MUSTAQUE, J. For The Petitioner : Sri. E. K. Nandakumar And Sri. Anil D. Nair For The Respondent : Sri. P. K. R. Menon, SR. Counsel, Sri. Jose Joseph, SC And Sri. George K. George, SC JUDGMENT The petitioner is a Government of Kerala undertaking. It impugn an order passed by the Chief Commissioner of Income Tax rejecting claim for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Capital Gains. The sale proceeds were deposited in a 'No Lien' account with the State Bank of India as per the direction of the Board for Industrial and Financial Reconstruction ( BIFR for short). It is appropriate to refer the relevant portion of the direction issued by the BIFR in this regard, as evident from Exhibit-P2, which reads as follows: 12. The Board has given the further ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 05. Interest under Section 220(2) of the Income Tax Act was waived by the Chief Commissioner of Income Tax. However, the petitioner's claim for waiver of interest under Section 234B was rejected. This is how the petitioner approached this Court. 3. As seen from Exhibit-P3 impugned order, the claim of the petitioner for reduction of interest was not considered on merits for the simple reason ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Tax to decide whether full waiver in interest or reduction in interest can be granted to the petitioner. However, certainly, the petitioner's case would fall within category (d). Therefore, the impugned order is set aside for paving way for reconsideration of the matter by the Chief Commissioner of Income Tax. The petitioner shall place the order of BIFR (Exhibit-P2) before the Chief Commissio ..... X X X X Extracts X X X X X X X X Extracts X X X X
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