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KERALA HIGH COURT
, J
KERALA STATE CASHEW DEVP. CORPN. LTD. v. ITO
| Table of Content |
|---|
| 1. income tax officer assessed tax and interest based on late filing. (Para 1 , 2) |
| 2. petitioner argues for total interest waiver based on sufficient cause. (Para 3 , 4) |
| 3. discretionary power does not equate to mandatory waiver of interest. (Para 5 , 6 , 8) |
| 4. court establishes the compensatory nature of interest charged for delay. (Para 7 , 9 , 10) |
1. By his order Ext. P1 Dated 6-12-1977 the 1st respondent, the Income Tax Officer, C Ward, Trivandrum assessed the income of the petitioner for the assessment year 1975-76 and determined the tax payable at Rs. 1,11,50,375. In addition to this he charged Rs. 5,57,515 as interest under S.139(8) of the Income Tax Act ("the Act") on the ground that the income tax return which was due to be filed on or before 31-7-1975 was filed out of time on 23-1-1976. From the order of assessment the petitioner preferred an appeal before the Appellate Authority. In giving effect to the Appellate Authority's decision the first respondent by his order Ext. P2 dated 31-3-1978 reduced the interest to Rs. 5,09,770. Thereafter the petitioner moved a petition Ext. P3 dated 25-8-1973 under the proviso to S.139(8)(a) before the 1st respondent seeki
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