Government water works contract GST concession applied before its withdrawal, while contractual tax reimbursement claims lay outside advance-ruling sc...
Stamp valuation increases after registration-fee payment led to deletion of property-purchase addition within tolerance and without valuation referral...
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.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4894 
