Interest on tax under section 234B applies to amounts disclosed in settlement applications, including cases pending when amendment commenced. Amendment imposes simple interest at one percent per month on additional tax where an application is filed under the settlement regime, calculated from the first day of April of the relevant assessment year until the date of application, and on any increase in disclosed income following a Settlement Commission order from the same commencement point until the date of the order; the amendment applies to cases pending before the Commission on its commencement, while waiver of interest for earlier cases is an administrative decision and the central board cannot direct the Commission as it is not an income-tax authority for that purpose.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Interest on tax under section 234B applies to amounts disclosed in settlement applications, including cases pending when amendment commenced.
Amendment imposes simple interest at one percent per month on additional tax where an application is filed under the settlement regime, calculated from the first day of April of the relevant assessment year until the date of application, and on any increase in disclosed income following a Settlement Commission order from the same commencement point until the date of the order; the amendment applies to cases pending before the Commission on its commencement, while waiver of interest for earlier cases is an administrative decision and the central board cannot direct the Commission as it is not an income-tax authority for that purpose.
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