Whether settlement commission has power to reduce interest payable under provisions of sections 234A, 234B & 234C of IT Act, 1961

Last updated: 29 November 2022

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The Supreme Court has ruled that the Settlement Commission does not possess the authority to reduce or waive statutory interest payable under sections 234A, 234B, and 234C of the Income Tax Act, 1961. While the Commission can grant relief under specific Board circulars (Section 119), it cannot override the mandatory interest provisions. Consequently, matters involving such interest waivers have been remanded back to the Settlement Commission for fresh consideration.

Court :
Apex Court

Brief :
Provisions of Section 245(4) & (6) nowhere confer power to reduce or waive statutory liability of payment of interest u/s 234A, 234B & 234D by the settlement commission.

Citation :

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FCS Deepak Pratap Singh

Associate Vice President - Secretarial & Compliance (SBI General Insurance Co. Ltd.)

Dear Friends, MyselfFCSDeepak P. Singh ( B.Sc.. LLB, FCS. FIII, CIAFP, CRMP, ID) , A Fellow Member of ICSI, Law Graduate ,Fellow Member of Insurance Institute of India, Certified Independent Director ,Certified Insurance Anti Fraud Professional , Certified Risk Governance Professional ( ICSI-III) and cleared Limited I ... Read more

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