Transfer-pricing reimbursement adjustments require uncontrolled comparables and cannot become expense-genuineness reviews, resulting in deletion of th...
Food import sampling requirements support provisional release where unseized consignments conform to standards and raw areca classification is unestab...
Diagnostic microcuvette classification follows sole-use analytical function, placing specialised disposable cuvettes with their analyser rather than g...
Customs Broker licensing proceedings fail when their offence-report foundation collapses and authorisation, advisory, and KYC duties remain unbreached...
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The High Court held that the Settlement Commission cannot reopen its concluded proceedings by invoking Section 154 of the Income Tax Act. Section 154 allows rectification of orders, but it is not applicable to the Settlement Commission, which is a quasi-judicial body like the Income Tax Appellate Tribunal (ITAT). While the ITAT has the power to rectify orders u/s 254(2), no such power is given to the Settlement Commission. The order of the Settlement Commission is final and conclusive u/s 245I, except in cases of fraud or misrepresentation. Interest u/s 234B is payable on income disclosed in the return and before the Settlement Commission until the Commission acts u/s 245D(1). After allowing the application for settlement, no further interest u/s 234B is chargeable. The invocation of Section 154, which was held inapplicable to Chapter XIX-A proceedings, cannot be justified for levying interest u/s 234B.
The High Court held that the Settlement Commission cannot reopen its concluded proceedings by invoking Section 154 of the Income Tax Act. Section 154 allows rectification of orders, but it is not applicable to the Settlement Commission, which is a quasi-judicial body like the Income Tax Appellate Tribunal (ITAT). While the ITAT has the power to rectify orders u/s 254(2), no such power is given to the Settlement Commission. The order of the Settlement Commission is final and conclusive u/s 245I, except in cases of fraud or misrepresentation. Interest u/s 234B is payable on income disclosed in the return and before the Settlement Commission until the Commission acts u/s 245D(1). After allowing the application for settlement, no further interest u/s 234B is chargeable. The invocation of Section 154, which was held inapplicable to Chapter XIX-A proceedings, cannot be justified for levying interest u/s 234B.
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