Waiver of interest

The assessee was directed to make a representation to the CBDT under s 119(2) either for the waiver of interest or to condone the delay in filing the rectification application under s 154, since on account of a mistake, the interest income was offered to tax and the tax was also paid on it, as held by SCI in Housing And Urban Dev Corp Ltd v JCIT — In favour of: Others; Special Leave to Appeal (Civil) No(s) 12002/2011.

Housing And Urban Dev Corp Ltd v JCIT

Supreme Court of India

Special Leave to Appeal (Civil) No(s).12002/2011

S. H Kapadia, CJI, K S KPanicker Radhakrishnan and Swatanter Kumar, JJ

Decided on: 11 July 2011

Counsel appeared:

Mr. Shyam Divan, Sr. Adv., Mr. Gagan Kumar,Adv., Ms. Saanjh N Purohit,Adv., for M/s. Suresh A

Shroff & Co.,Advs. for the appellant

None for the respondent

Judgment

Mr. Shyam Divan, learned senior counsel appearing for the assessee, states that, in view of the

directions given in the impugned judgement by the High Court, the assessee would like to move

C.B.D.T. under section 119(2) of the Income Tax Act, 1961. In the present case, the assessee contends that, on account of mistake in offering to tax the interest income and on the assessee paying tax on such income, interest should not be levied.

2. In our view, this is a fit case for C.B.D.T. to consider. Hence, we dispose of this special leave

petition by giving two weeks' time to the assessee to make representation to C.B.D.T. under section

119(2) of the Income Tax Act, 1961 either for waiver of interest or to condone the delay in filing

rectification application under section 154 of the Income Tax Act, 1961. We express no opinion on

merits.