9911796707
TMI Blog1990 (9) TMI 37X X X X Extracts X X X X X X X X Extracts X X X X ..... t the order of the Commissioner dated August 28, 1987, under section 264 of the Income-tax Act. The petitioner is a public limited company. For the assessment year 1984-1985, it did not file an estimate of advance tax which ought to have been filed on or before June 15, 1983. The petitioner filed the return for the assessment year 1984-85 on May 26, 1984, disclosing a substantial loss. Indeed, t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ] 152 ITR 308. According to section 80J, as amended, the petitioner was not entitled to carry forward losses and his return for the assessment year 1984-85 could also be not return of losses but a return of substantial income. It is on this score that, while making the assessment for the assessment year 1984-85, the assessing authority levied interest under section 217 for non-filing of the estima ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ders of assessments with a direction that the assessments be completed in accordance with settled law that would emerge after the decision of the Supreme Court with respect to section 80J. These appellate orders were passed on April 3, 1982, and December 6, 1982. He says further that even though the assessment order for the assessment year 1980-81 was passed on March 31, 1983, he had filed an appe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the said dispute is pending decision before the Supreme Court. Under sub-rule (5) of rule 40, no doubt the question of waiver lies within the discretion of the Deputy Commissioner and it is for him to consider whether there are circumstances justifying the waiver of interest. In this case, however, it is clear that the said discretion was exercised without adverting to all the relevant circumsta ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lty and for waiving the interest are identical. This argument may also be considered by the Commissioner subject to its relevancy and evidentiary value. For the above reasons, the writ petition is allowed and the order of the Commissioner impugned herein is set aside. The matter is remanded to the Commissioner for reconsideration of the revision petition filed by the petitioner afresh in accorda ..... X X X X Extracts X X X X X X X X Extracts X X X X
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