Law:

Section:

Section 234C of Income-tax Act, 1961 - Advance tax - Interest for deforment of Where Chief Commissioner had pointed out that petitioner had not satisfied any of conditions for waiver of interest under sections 234B and 234C referred to in Circular issued under section 119(2)(a ) and Commissioner had noticed that assessee made substantial investment in immovable property and in construction of hospital building during previous years which went to show that assessee had liquidity to pay advance tax, rejection of assessee's request for waiver of interest was justified [Assessment years 1993-94 and 1994-95] [In favour of revenue] Sathyapalan & Co. v. Chief CIT [2009] 315 ITR 290 (Ker.) Where the Chief Commissioner had pointed out that the petitioner had not satisfied any of the conditions for waiver of interest under sections 234B and 234C referred to in the Circular issued under section 119(2)(a) and the Commissioner had noticed that the assessee had made substantial investment in immovable property and in the construction of hospital building during the previous years which went to show that the assessee had liquidity to pay advance tax, rejection of the assessee's request for waiver of…

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