ASSAM TRIBUNAL Vs. DEPUTY COMMISSIONER OF INCOM TAX

JUDGEMENT

(1.) Heard Dr. A. K. Saraf, learned senior counsel assisted by Mr. S. Chetia appearing on behalf of the appellant and Mr. U. Bhuyan, learned Standing Counsel for the respondent.

(2.) This is an appeal u/s 260A of the Income Tax Act, 1961, for short, the Act and it is directed against the Judgment and Order dated 31.5.2002 passed by the Income Tax Appellate Tribunal, Guwahati Bench, Guwahati in ITA No. 10 (Gau) of 1997.

(3.) The petitioner was the income tax assessee under the Act and for the assessment year 1987-88 the petitioner was required to file its return on or before 31.7.87 u/s 139 of the Act. However, the return of income was filed on 25.8.92 and thereafter the assessment was completed. For the delayed filing of the return, interest u/s 139 (8) of the Act was levied and the petitioner filed an application for waiver of interest under the Act and the matter was taken into revision before the Commissioner of Income Tax and interest was waived by Commissioner of Income Tax by observing as follows: