https://www.taxtmi.com/caselaws?id=416322 The court dismissed the petition challenging the reduction of interest under Section 220(2) of the Income Tax Act, 1961, for the assessment year 1989-90. It held that the Settlement Commission did not exceed its jurisdiction in modifying its order, emphasizing the extinguishment of interest liability once the amount is paid. The court refused to interfere, citing the discretionary nature of writ remedies and the importance of substantial justice. Consequently, the decision to reduce the interest payable for the respondent was maintained, with the court refusing to exercise jurisdiction under Article 226 of the Constitution of India. en-us Thu, 09 Dec 2021 00:00:00 +0530 Thu, 28 Apr 2022 18:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=416322 The court dismissed the petition challenging the reduction of interest under Section 220(2) of the Income Tax Act, 1961, for the assessment year 1989-90. It held that the Settlement Commission did not exceed its jurisdiction in modifying its order, emphasizing the extinguishment of interest liability once the amount is paid. The court refused to interfere, citing the discretionary nature of writ remedies and the importance of substantial justice. Consequently, the decision to reduce the interest payable for the respondent was maintained, with the court refusing to exercise jurisdiction under Article 226 of the Constitution of India. Case-Laws Income Tax Thu, 09 Dec 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=416322