https://www.taxtmi.com/caselaws?id=259918 The ITAT upheld the CIT(A)'s decision in dismissing the Revenue's appeal regarding the cancellation of interest under Section 245D(2C) of the Income Tax Act. The appellant had timely deposited the tax on disclosed income under Section 245D(1), making the additional interest charge unwarranted. The ITAT affirmed that the tax liability was satisfied as per the final decision, and no further interest was justified. Additionally, the ITAT confirmed the settlement commission's jurisdiction under Chapter XIX-A and rejected the Revenue's challenge, concluding that imposing interest during the settlement commission's proceedings was unjustified. The Court dismissed the appeals, finding no substantial legal question. en-us Thu, 21 May 2015 00:00:00 +0530 Tue, 11 Aug 2015 15:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=259918 The ITAT upheld the CIT(A)'s decision in dismissing the Revenue's appeal regarding the cancellation of interest under Section 245D(2C) of the Income Tax Act. The appellant had timely deposited the tax on disclosed income under Section 245D(1), making the additional interest charge unwarranted. The ITAT affirmed that the tax liability was satisfied as per the final decision, and no further interest was justified. Additionally, the ITAT confirmed the settlement commission's jurisdiction under Chapter XIX-A and rejected the Revenue's challenge, concluding that imposing interest during the settlement commission's proceedings was unjustified. The Court dismissed the appeals, finding no substantial legal question. Case-Laws Income Tax Thu, 21 May 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=259918