WHETHER INTEREST U/S 220(2) CAN BE WAIVED BY PCCIT IF CONDITIONS ARE MET? скачать в хорошем качестве

WHETHER INTEREST U/S 220(2) CAN BE WAIVED BY PCCIT IF CONDITIONS ARE MET?

link for full case: https://taxlawsonline.com/agtlol.html... Case Summary: [2023] 455 ITR 243 ( Mad ) [ IN THE MADRAS HIGH COURT ] FUAAD MUSVEE v. PRINCIPAL COMMISSIONER OF INCOME-TAX AND OTHERS ABDUL QUDDHOSE J. February 9, 2023. Section. 220(2A) Assessment Year: 2009-10, 2011-12 Favouring: Assessee 220: When tax payable and when assessee deemed in default WHETHER INTEREST U/S 220(2) CAN BE WAIVED BY PCCIT IF CONDITIONS ARE MET? Section 220(2A) provides that notwithstanding anything contained in section 220(2), the PCCIT, CCIT, PCIT, CIT may reduce or waive the amount of interest paid or payable by an assessee under the said subsection if he is satisfied that: a) Payment of such amount has caused or would cause genuine hardship to the assessee b) Default in the payment of amount on which interest was payable under sub-section was due to circumstances beyond the control of the assessee c) The assessee has co-operated in any inquiry relating to the assessment or any proceeding for the recovery of any amount due from him The order rejecting application u/s 220(2A) must satisfy that none of the above conditions exists The assessee filed his returns by including income of his minor son u/s 64 for A.Y 2009-10 & 2011-12 He filed the return for the minor son also for the same income by way of abundant caution Assessee deposited tax by mistake in the PAN of his son Consequently the Department levied interest of Rs. 12.20lakh & Rs 8.15 u/s 220(2) for the period Dec 2012 to Nov 2018 But the assessee had paid the taxes in 2011 only On the application of waiver of interest, the Principal Commissioner granted relief only upto 20% of interest The tax deposited in minor son account was immediately transferred to father’s PAN No. The petitioner has certainly suffered genuine hardship for no fault of his High Court held that there was no finding given by the Principal Commissioner that the assessee had not satisfied any of the three conditions required for waiver of interest u/s 220(2A) COURT ON ITS OWN MOTION v. CIT [2013] 352 ITR 273 (Delhi) (para 4) and MADRAS RACE CLUB v. CIT [2017] 88 taxmann.com 319 (Mad) (para 4) referred to. #FUAADMUSVEEvPRINCIPALCOMMISSIONEROFINCOMETAXANDOTHERS #WHETHERINTERESTU/S220(2)CANBEWAIVEDBYPCCITIFCONDITIONSAREMET? #section220(2A) #MADRASHIGHCOURT #COURTONITSOWNMOTIONvCIT #RACECLUBvCIT #IncomeTaxNotices #IncomeTaxCases #incometaxcasesanalysis #IncomeTaxLaw #advocateamitkumargupta #9811291390 (Call only after taking time on whatsApp) #amitkrg246@gmail.com #amitkrg246@yahoo.com Link for some important videos: 1) WHETHER PENALTY LEVIED U/S 271(1)(c) INSTEAD OF SECTION 271AAA IS JUSTIFIED-    • WHETHER PENALTY LEVIED U/S 271(1)(c) INSTE...   2) WHETHER STAMP DUTY VALUATION IS TO BE CONSIDERED FOR INVESTMENT FOR CLAIMING EXEMPTION U/S 54F-    • WHETHER STAMP DUTY VALUATION IS TO BE CONS...   3) WHETHER SECTION 56(2)(viib) IS APPLICABLE TO SHARES ISSUED TO 100% HOLDING COMPANY?-    • WHETHER SECTION 56(2)(viib) IS APPLICABLE ...   4) WHETHER SEEKING REMAND REPORT BY CIT(A) ON ADDITIONAL EVIDENCE IS COMPULSORY IN INTEREST OF JUSTICE?-    • WHETHER SEEKING REMAND REPORT BY CIT(A) ON...   5) WHETHER REASSESSMENT IN RESPECT OF A TRANSACTION WHICH IS SUBJECT MATTER OF APPEAL IS ALLOWED?-    • WHETHER REASSESSMENT IN RESPECT OF A TRANS...