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TMI Blog1992 (1) TMI 66X X X X Extracts X X X X X X X X Extracts X X X X ..... e order. There is no disclosure as to whether the amount which is required to be paid has been paid or not. Mr. Mitra further claimed that this order is not liable for interference unless the entire order is otherwise challenged. Miss Seal, learned advocate appearing for the petitioner, claimed and contended that the delay not being attributable to the petitioner company, they are entitled to the benefit of rule 40(1) of the Income-tax Rules, 1962. Rule 40 of the Income-tax Rules, 1962, is as follows : " 40. Waiver of interest. - The Income-tax Officer may reduce or waive the interest payable under section 215 or section 217 in the cases and under the circumstances mentioned below, namely : (1) When the relevant assessment is comple ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nce tax under section 212 on the basis of his own estimate, and the advance tax so paid is less than seventy-five per cent. of the assessed tax, simple interest at the rate of twelve per cent. per annum from the 1st day of April, next following the said financial year up to the date of the regular assessment shall be payable by the assessee upon the amount by which the advance tax so paid falls short of the assessed tax. (2) Where before the date of completion of a regular assessment, tax is paid by the assessee under section 140A or otherwise (i) interest shall be calculated in accordance with the foregoing provision up to the date on which the tax is so paid ; and (ii) thereafter, interest shall be calculated at the rate aforesaid on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sional hearing is reached by the Income-tax Officer. Be it recorded that the concerned authority, while passing the order, shall have due regard to the provisions of rule 40 of the Income-tax Rules, 1962, and section 215 of the Income-tax Act, 1961. It is also to be mentioned that the concept of post-decisional hearing is a principle accepted by English Courts as also the Supreme Court. That being the position, I direct that, till the realisation as recorded above of the interest shall not be effected, but other payments shall be realised (sic). Xerox copy of the judgment delivered by Susanta Chatterji J., which is produced by Miss Manisha Seal be kept with the record. The interim orders stand vacated in respect of other portion of th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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