https://www.taxtmi.com/caselaws?id=152011 The seven-Member Special Bench concluded that the Settlement Commission can reduce or waive interest under sections 234A, 234B, and 234C independently, overturning a previous decision. The Bench clarified the terminal dates for charging interest under section 234B and affirmed that the Settlement Commission is not bound by CBDT circulars when deciding on interest reduction/waiver. The scope of the Settlement Commission's powers under section 245F(1) was also analyzed, highlighting its authority to make case-specific decisions. The decision prioritized legislative intent and flexibility in settlement proceedings to ensure fairness in tax administration. en-us Fri, 12 Dec 1997 00:00:00 +0530 Fri, 21 Jun 2013 12:53:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=152011 The seven-Member Special Bench concluded that the Settlement Commission can reduce or waive interest under sections 234A, 234B, and 234C independently, overturning a previous decision. The Bench clarified the terminal dates for charging interest under section 234B and affirmed that the Settlement Commission is not bound by CBDT circulars when deciding on interest reduction/waiver. The scope of the Settlement Commission's powers under section 245F(1) was also analyzed, highlighting its authority to make case-specific decisions. The decision prioritized legislative intent and flexibility in settlement proceedings to ensure fairness in tax administration. Case-Laws Income Tax Fri, 12 Dec 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=152011