RAASI CEMENT LTD. Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) THE petitioner -assessee has questioned the order of the CIT (Central), Hyderabad, passed under s. 220(2A) of the IT Act, 1961 (for short "the Act"), rejecting the waiver petition filed by the petitioner.

(2.) INTEREST is payable by the assessee, if the tax, as demanded, is not paid within the specified period. Waiver of interest for the asst. yr. 1996 -97 amounting to Rs. 4,25,69,676 charged under s. 220(2) of the Act for the period from

(3.) UNDER sub -s. (2A) of s. 220 of the Act, power has been conferred upon the Chief CIT or CIT to reduce or waive the amount of interest paid or payable by an assessee under sub -s. (2) of the Act, if the CIT is satisfied that :