Law:

Section:

Section 234A, read with section 234B and 234C, of the Income-tax Act, 1961 - Interest chargeable - Assessment year 1997-98 - Whether in terms of Board's Order under section 119(2)(a) in F. No. 400/234/95-IT(B), waiver of interest can be considered only if return of income is filed voluntarily without detection by Assessing Officer - Held, yes - Whether where return is filed after search proceedings Chief Commissioner is justified in rejecting waiver of interest under sections 234A, 234B and 234C - Held, yes Circulars and notifications - Board's Order in F. No. 400/234/95-IT(B), dated 23-5-1996 HELD The Board's order under section 119(2)(a ) in F. No. 400/234/95-IT(B) dated 23-5-1996 will show that the waiver of interest can be considered only if the return of income is filed voluntarily without detection by the Assessing Officer. [Para 10] In the light of admitted position of having filed the return after search proceedings, it could not be said that the Chief Commissioner had committed any error whatsoever, in rejecting the waiver of interest. [Para 11] CASES REFERRED TO K.L. Swamy v. CIT [1999] 239 ITR 386/ 102 Taxman 491 (Kar.) [Para 10] and K.S.N. Murthy v. Chairman, Central Board of Direct Taxes [2001] 252 ITR 269/ 119 Taxman 310 (AP) [Para 12]. R. Rama Murthy for the Petitioner. M.V. Seshachala for the Respondent. ORDER 1. These two petitions involved almost same/similar facts and hence a common order is passed. 2. Facts in W.P. No. 35343/03 are as under : The petitioner, M/s. Padmapriya Oil Mills carries on the business in edible oils. The petitioner for the assessment year 1997-98 ought to have filed return of income under section 139(1) of the Act on or before 31-8-1997. He filed return of income on 31-3-1998 declaring an income of Rs. 8,530. It was beyond the statutory period in terms of the provisions of the Income-tax Act. The said return was filed on 31-3-1998 and is a voluntary return according to the petitioner and it was filed before issuance of any notice in terms of section 142 or 148 of the Act. He paid the taxes payable in terms of the Return Income under section 140A of the Act. 3. On 15-10-1998, the Income-tax Officer conducted a survey…

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