2017 (11) TMI 1757

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ickal , Advocates For the Repondents : P. K. R. Menon , Senior Advocate and Jose Joseph , Standing Counsel JUDGMENT A. MUHAMED MUSTAQUE J.- 1. This writ petition is filed by the assessee aggrieved by levying of interest consequent upon the order passed under section 154 of the Income-tax Act, 1961. For the assessment year 19881989, the assessee was allowed deduction under section 32A as well a .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... . Challenging the above orders, the petitioner approached this court. 3. Learned counsel for the petitioner, particularly pointing out the finding of the third respondent in exhibit P15, argued that the petitioner is entitled for waiver of interest in terms of rule 40 of the Income-tax Rules, 1962. Learned counsel drew my attention to the relevant paragraph in exhibit P15 order which reads as fol .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... uthorities having exercised their discretion with relevant material, it is beyond the scope of this court to sit upon their wisdom. It is to be noted that rule 40 is only an enabling provision and the assessee cannot as a matter of right claim waiver of interest or reduction. The guidelines as referred to under rule 40 have to be understood in the mandate of levying of interest under section 215 o .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X