https://www.taxtmi.com/caselaws?id=345629 The High Court ruled in favor of the petitioner in a challenge to the order of the Income Tax Settlement Commission under Section 245F[I] of the Income Tax Act, 1961. The Court emphasized that the Commission does not have inherent power of review and can only rectify mistakes apparent from the record under Section 245D. The judgment quashed the Commission's order related to the computation of the terminal date for charging interest under Section 234B, maintaining that subsequent legal developments cannot be a basis for review jurisdiction. The Revenue's interest rate concerns were addressed, affirming the finality of the Commission's order under Section 245D(4). en-us Wed, 12 Jul 2017 00:00:00 +0530 Sat, 22 Jul 2017 08:26:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=345629 The High Court ruled in favor of the petitioner in a challenge to the order of the Income Tax Settlement Commission under Section 245F[I] of the Income Tax Act, 1961. The Court emphasized that the Commission does not have inherent power of review and can only rectify mistakes apparent from the record under Section 245D. The judgment quashed the Commission's order related to the computation of the terminal date for charging interest under Section 234B, maintaining that subsequent legal developments cannot be a basis for review jurisdiction. The Revenue's interest rate concerns were addressed, affirming the finality of the Commission's order under Section 245D(4). Case-Laws Income Tax Wed, 12 Jul 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=345629