https://www.taxtmi.com/caselaws?id=187570 The judgment clarified the period for interest payment under section 234B of the Income-tax Act, 1961, in cases of advance tax defaults. It outlined specific situations and terminus dates for interest charges, including scenarios of regular assessments and Settlement Commission orders. The court reaffirmed that the Settlement Commission lacks authority to reduce or waive interest and that interest applies even if advance tax paid exceeds 90% of assessed tax. The decision aimed to provide clarity and consistency in determining interest liabilities under section 234B. en-us Tue, 28 Mar 1995 00:00:00 +0530 Thu, 27 Oct 2016 10:39:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=187570 The judgment clarified the period for interest payment under section 234B of the Income-tax Act, 1961, in cases of advance tax defaults. It outlined specific situations and terminus dates for interest charges, including scenarios of regular assessments and Settlement Commission orders. The court reaffirmed that the Settlement Commission lacks authority to reduce or waive interest and that interest applies even if advance tax paid exceeds 90% of assessed tax. The decision aimed to provide clarity and consistency in determining interest liabilities under section 234B. Case-Laws Income Tax Tue, 28 Mar 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=187570