Law:

Section:

Section 245D, read with section 245C, of the Income-tax Act, 1961 - Settlement Commission - Procedure on application under section 245C (Admission of settlement application) - Whether application for settlement under section 245C is not automatically admitted and it is only after commission allows petition to be proceeded with, it exercises power of settlement - Held, yes - Whether, therefore, before Commission decides to proceed with petition, it cannot complete assessment in respect of a return which is pending before Assessing Officer or even cannot act as an appellate or revisional authority - Held, yes [Paras 6 and 7] Section 220 of the Income-tax Act, 1961 - Collection and recovery of tax - When tax payable and when assessee deemed in default (Power of Settlement Commission to waive interest) - Whether waiver or reduction of interest under section 220(2A) is hedged in with certain conditions and, if these conditions are satisfied, Settlement Commission has power to direct waiver or reduction of interest - Held, yes [Para 9A] Section 234B, read with section 245D, of the Income-tax Act, 1961 - Interest - Chargeable as (Double levy of interest) - Whether section 234B, section 245D(2C) and section 245D(6A) operate in different fields and, therefore, when interest is charged in respect of said provisions, it does not amount to double levy of interest as infractions are different - Held, yes Section 234A, read with sections 234B, 234C and 245D of the Income-tax Act, 1961 - Interest - Chargeable as (Period of interest) - Whether interest under sections 234A, 234B and 234C is charged till Settlement Commission acts in terms of section 245D and thereafter prescription relating to charging of interests etc. becomes operative only, after Commission allows application for settlement to be proceeded with - Held, yes [Para 11] [Matter remanded] FACTS â–  The assessee filed an application for settlement before the Settlement Commission. â–  The Commission having accepted said application, came to hold that the orders of the lower authorities were not automatically set aside by the Commission's order under section 245D(4) but were modified to give effect to…

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