https://www.taxtmi.com/caselaws?id=346510 The court upheld the Settlement Commission's decision to apply Section 234B(2A) of the Income Tax Act, 1961, to compute interest on additional income determined under Section 245D(4). It clarified that the provision was introduced to clarify interest computation for disclosed income in settlement applications, emphasizing the mandatory nature of interest under Section 234B. The court rejected arguments against retrospective application of Section 234B(2A) and held that interest should cover the period from filing the application to determination of additional income, in line with legislative intent and Supreme Court precedent. en-us Wed, 19 Jul 2017 00:00:00 +0530 Thu, 17 Aug 2017 08:45:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=346510 The court upheld the Settlement Commission's decision to apply Section 234B(2A) of the Income Tax Act, 1961, to compute interest on additional income determined under Section 245D(4). It clarified that the provision was introduced to clarify interest computation for disclosed income in settlement applications, emphasizing the mandatory nature of interest under Section 234B. The court rejected arguments against retrospective application of Section 234B(2A) and held that interest should cover the period from filing the application to determination of additional income, in line with legislative intent and Supreme Court precedent. Case-Laws Income Tax Wed, 19 Jul 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=346510