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of <h1>Court Overturns Withdrawal of Interest Waiver under Income Tax Act</h1> <h3>Sh. Mahesh Kumar Jain & Others Versus Income Tax Settlement Commission and others</h3> Sh. Mahesh Kumar Jain & Others Versus Income Tax Settlement Commission and others - TMI 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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