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of <h1>Court Overturns Withdrawal of Interest Waiver under Income Tax Act</h1> The High Court of Punjab and Haryana allowed the petitions, overturning the Settlement Commission's decision to withdraw the waiver of interest under ... Power of Settlement Commission to reopen its concluded proceedings by recourse to Section 154 to withdraw the partial/full waiver of interest u/s 234B and 234C - Held that:- Supreme Court in case Brij Lal and others Vs. CIT (2010 (10) TMI 8 (SC)) held that after the Settlement Commission allows the application for settlement to be proceeded with, there will be no further charge of interest u/s 234B and that invocation of Section 154 of the Act cannot be justified. Therefore, order dated 31.03.2003 and the subsequent proceedings raising demand of interest are quashed - Decided in favor of assessee. The High Court of Punjab and Haryana allowed the petitions challenging the Settlement Commission's order withdrawing waiver of interest under Section 234B and 234C of the Income Tax Act, 1961. The court cited a Supreme Court decision stating that once the Settlement Commission allows the application for settlement, there should be no further charge of interest under Section 234B. The court quashed the order withdrawing the waiver of interest and subsequent proceedings raising interest demands.
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