9911796707
TMI Blog2020 (1) TMI 1137X X X X Extracts X X X X X X X X Extracts X X X X ..... Years 1992-93, 1993-94, 1994-95, 1995-96, 1996-97, 1997-98 & 1998-99. 3.By the impugned orders dated 24.07.2009, applications filed by the petitioner for waiver of interest under Section 12-A of the Interest Tax Act, 1974 has been rejected by the 1st respondent on the ground that the petitioner has not met with the conditions specified in Central Board of Direct Taxes Direct Circular No. 400/129/2002-IT (B) dated 26.06.2006. 4.The petitioner had earlier taken a stand that it was not liable to pay tax under the provisions of the Interest Tax Act, 1974 on the finance charges received on loans and advances made by it to its customers. By assessment orders for the respective assessment years 1992-93 to 1998-99, the contention of the petition ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the aforesaid Act. The learned counsel for the petitioner submits that further clarification was given by the Central Board of Direct Taxes Direct Circular No.760 dated 13.01.1998 and therefore till 1998 there was no clarity as to whether finance charges in the hire purchase transactions were liable to tax or not. 7.The learned counsel for the petitioner relied on the decision of this Court in R.Anandakumar Vs. The Chief Commissioner of Income Tax, 2016 SCC OnLine Mad 24456, wherein, in paragraphs No.5 & 6, it was observed as follows:- 5. After noting the factual circumstances in the said case, it was pointed out that if the circumstances have been considered to be unavoidable circumstances for the purpose of waiver of interest under ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... No.400/129/2002-IT (B) dated 26.06.2006. 10.I have considered the provisions of the Interest Tax Act, 1974. Certain provisions of the Income Tax Act, 1961 have been made applicable to the provisions of the Interest Tax Act, 1974. Central Board of Direct Taxes Direct Circular No.400/129/2002-IT (B) dated 26.06.2006 has been issued in the exercise of power conferred by the Central Board of Direct Taxes under Section 119(2) of the Income Tax Act, 1961. 11.Among various provisions of Income Tax Act, 1961 which have been made applicable to provisions of Interest Tax Act, 1974 in Section 21 of the Interest Tax Act, 1974, Section 119 of the Income Tax, 1961 has not been made applicable to Interest Tax Act, 1974. The power to grant waiver from ..... X X X X Extracts X X X X X X X X Extracts X X X X
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