The Tax Publishers2020 TaxPub(DT) 2280 (SC) : (2020) 269 TAXMAN 0558

INCOME TAX ACT, 1961

Section 261 Section 234A Section 234B/234C

Where the department preferred SLP to appeal against the judgment of Madras High Court in Official Assignee, High Court, Madras v. T.R. Bhuvaneswari, The CIT -- TDS, The Dy. CIT [O.S.A. Nos. 91 to 93 of 2016 & CMP Nos. 5569 & 5570 of 2016, dt. 20-4-2016] : 2016 TaxPub(DT) 2894 (Mad-HC), whereby the High Court held that the order of the Judge is modified to the effect that the Official Assignee need not go before the CBDT's praying for waiver of interest, that the insolvency court itself could consider the question of waiver of interest in terms of the power conferred under section 7 and in the light of the provisions of the IT Act, together with the quantum of funds available and the distribution already made, the Supreme Court dismissed the SLP as withdrawn, leaving question(s) of law open.

Appeal (Supreme Court) - Special leave petition - Interest under sections 234A, 234B & 234C - Waiver of interest--Official Assignee, whether should go before CBDT

Department preferred SLP to appeal against the judgment of Madras High Court in Official Assignee, High Court, Madras v. T.R. Bhuvaneswari, The CIT -- TDS, The Dy. CIT [O.S.A. Nos. 91 to 93 of 2016 & CMP Nos. 5569 & 5570 of 2016, dt. 20-4-2016] : 2016 TaxPub(DT) 2894 (Mad-HC), whereby the High Court held that the order of the Judge is modified to the effect that the Official Assignee need not go before the CBDT's praying for waiver of interest, that the insolvency court itself could consider the question of waiver of interest in terms of the power conferred under section 7 and in the light of the provisions of the IT Act, together with the quantum of funds available and the distribution already made.Held: The Counsel for the petitioner (s), on instructions issued by the Department of Revenue, Ministry of Finance vide F.No. 390/Misc./116/2017-JC, dated 22-8-2019, seeks permission to withdraw these special leave petition(s) along with pending applications therein due to low tax effect. Permission was granted, subject to just exceptions. The special leave petition(s) and pending applications were dismissed as withdrawn, leaving question(s) of law open.

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