https://www.taxtmi.com/caselaws?id=174730 The High Court of Punjab and Haryana ruled that the Settlement Commission cannot reopen concluded proceedings to levy interest under Section 234 B of the Income Tax Act, 1961, emphasizing the finality of settlement assessments. The Court highlighted the distinct nature of Settlement Commission proceedings compared to regular assessments, stating that the Commission's decisions are akin to arbitration. The judgment clarified the scope of the Commission's authority and set aside the Commission's orders in 11 petitions where interest under Section 234 B was sought after the proceedings had been concluded. en-us Mon, 12 Mar 2012 00:00:00 +0530 Sat, 17 Oct 2015 10:09:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=174730 The High Court of Punjab and Haryana ruled that the Settlement Commission cannot reopen concluded proceedings to levy interest under Section 234 B of the Income Tax Act, 1961, emphasizing the finality of settlement assessments. The Court highlighted the distinct nature of Settlement Commission proceedings compared to regular assessments, stating that the Commission's decisions are akin to arbitration. The judgment clarified the scope of the Commission's authority and set aside the Commission's orders in 11 petitions where interest under Section 234 B was sought after the proceedings had been concluded. Case-Laws Income Tax Mon, 12 Mar 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=174730