https://www.taxtmi.com/caselaws?id=6046 The SC held that the Settlement Commission under section 245D(4) of the Income-tax Act does not have the statutory power to reduce or waive interest payable under sections 234A, 234B, and 234C, except to the extent permitted by the Board's circulars issued under section 119. The Commission may grant relief by enforcing the relaxed provisions of these circulars, which are binding on the Revenue and beneficial to assessees. The Commission acts independently in applying these circulars for settlement purposes but cannot go beyond them to waive or reduce interest. The Court limited its decision to this issue and directed that related matters be placed before a Division Bench for further disposal. No costs were awarded. en-us Thu, 18 Oct 2001 00:00:00 +0530 Wed, 13 Aug 2025 15:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6046 The SC held that the Settlement Commission under section 245D(4) of the Income-tax Act does not have the statutory power to reduce or waive interest payable under sections 234A, 234B, and 234C, except to the extent permitted by the Board's circulars issued under section 119. The Commission may grant relief by enforcing the relaxed provisions of these circulars, which are binding on the Revenue and beneficial to assessees. The Commission acts independently in applying these circulars for settlement purposes but cannot go beyond them to waive or reduce interest. The Court limited its decision to this issue and directed that related matters be placed before a Division Bench for further disposal. No costs were awarded. Case-Laws Income Tax Thu, 18 Oct 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6046