https://www.taxtmi.com/caselaws?id=257077 The Tribunal held that interest under Section 220(2) of the Income-Tax Act is leviable from the date of demand raised in assessment until the admission of the application for settlement under section 245D(1). If the demand is reduced by the Settlement Commission, the interest is revised accordingly. The Tribunal clarified that until the application under section 245D(1) is admitted, normal proceedings continue, and interest can be charged. The decision emphasized that the assessment does not automatically set aside upon admission of the settlement application. The appeal was dismissed with no costs awarded. en-us Tue, 24 Feb 2015 00:00:00 +0530 Tue, 11 Aug 2015 16:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=257077 The Tribunal held that interest under Section 220(2) of the Income-Tax Act is leviable from the date of demand raised in assessment until the admission of the application for settlement under section 245D(1). If the demand is reduced by the Settlement Commission, the interest is revised accordingly. The Tribunal clarified that until the application under section 245D(1) is admitted, normal proceedings continue, and interest can be charged. The decision emphasized that the assessment does not automatically set aside upon admission of the settlement application. The appeal was dismissed with no costs awarded. Case-Laws Income Tax Tue, 24 Feb 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=257077