J CHELLADURAI Vs. CHIEF COMMISSIONER OF INCOME TAX; COMMISSIONER OF INCOME-TAX-I; DEPUTY COMMISSIONER OF INCOME TAX AND THE TAX RECOVERY OFFICER I, INCOME TAX DEPARTMENT

JUDGEMENT

(1.) Heard both sides and perused the records.

(2.) This writ petition is filed by the petitioner challenging the order of the second respondent dated 02.05.2003, and for a consequential direction to the second respondent to waive the interest charged under Section 220(2) of the Income Tax Act, 1961 (for short I.T. Act) for the assessment year 1995-96.

(3.) The petitioner is an assessee under the third respondent. For the assessment year 1995-1996, a detailed assessment was framed under of the I.T. Act on 27.03.1998. The returned income was Rs. 69,79,571/- which included long time capital gain of Rs. 66,15,755/-. It was enhanced to Rs. 72,31,320/-, apart from the long term capital gain of Rs. 1,73,87,750/-.