9911796707
TMI Blog1999 (8) TMI 21X X X X Extracts X X X X X X X X Extracts X X X X ..... elhi, dt. 11th May, 1999, rejecting the petitioner filed by the petitioner seeking waiver of interest levied under s. 158BFA(1) of the IT Act, 1961 (for short "the Act"). 2. The petitioner is a partnership firm which was subjected to search and seizure operations on 8th June, 1997. A notice under s. 158BC of the Act was issued and served on the petitioner or 28th Aug., 1997, requiring it to file ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... orked out to Rs. 18 lakhs. 3. The petitioner filed a petition dt. 6th Aug., 1998, before respondent No. 2 for waiver of interest levied under s. 168BFA(1) of the Act. The waiver was sought mainly on two grounds. Firstly, that the amount of Rs. 1,09,33,765 was lying in the custody of the Department since 18th June, 1997, which was even before the issue of the notice for filing the return and as s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by respondent No. 2. It was also pointed out that the Board Circular, dt. 23rd May, 1996, was of no avail to the petitioner as the same pertained to interest under s. 234A of the Act and not to interest under s. 158BFA(1). 5. Shri Ajay Mittal, learned counsel for the petitioner, once again relies on the grounds taken by the petitioner in the waiver petition, dt. 6th Aug., 1998. He conceded that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Act to waive the interest levied under s. 158BFA(1). No such provision has been brought to our notice. The reliance of the circular of the Board, dt. 23rd May, 1996, is clearly misplaced as the same had been issued for the purpose of waiver of interest levied under ss. 234A, 234B and 234C of the Act. This circular was issued by the Board in exercise of its jurisdiction granted under s. 119(2) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssed by respondent No. 2 holding that he had no power under the Act to waive interest charged under s. 158BFA(1). Counsel for the petitioner has sought to draw support from a decision of this Court in Shanti Sarup Sharma vs. CIT (1999) 154 CTR (P H) 503 : (1999) 237 ITR 376 (P H). We are afraid that the said authority is of no help to him as it deals with waiver of interest under s. 139(8) of the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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