https://www.taxtmi.com/caselaws?id=757053 The court ruled that the Settlement Commission cannot reopen its concluded proceedings under Section 154 to levy interest under Section 234B, as this would compromise the finality of settlements under Chapter XIX-A of the Income Tax Act. The judgment quashed the impugned order and favored the petitioner, reinforcing the precedent set in Brij Lal and Others v. Commissioner of Income Tax. The court emphasized the distinct nature of the Settlement Commission's proceedings, akin to arbitration, and highlighted its lack of authority to rectify orders, underscoring the importance of maintaining the integrity and finality of settlements. en-us Mon, 05 Aug 2024 00:00:00 +0530 Tue, 13 Aug 2024 17:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=757053 The court ruled that the Settlement Commission cannot reopen its concluded proceedings under Section 154 to levy interest under Section 234B, as this would compromise the finality of settlements under Chapter XIX-A of the Income Tax Act. The judgment quashed the impugned order and favored the petitioner, reinforcing the precedent set in Brij Lal and Others v. Commissioner of Income Tax. The court emphasized the distinct nature of the Settlement Commission's proceedings, akin to arbitration, and highlighted its lack of authority to rectify orders, underscoring the importance of maintaining the integrity and finality of settlements. Case-Laws Income Tax Mon, 05 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=757053