https://www.taxtmi.com/highlights?id=81816 The High Court held that the Income Tax Settlement Commission (ITSC) rightly restricted the applicability of interest u/s 234B on the total income disclosed in the Statement of Facts (SOF) up to the date of admission of the application u/s 245D(1). For considering the application, the ITSC must be satisfied that the applicant made a full and true disclosure regarding income and the settlement amount. After admission, the ITSC can call for reports, records, and undertake further inquiry under sub-sections (3) and (4), wherein the final amount payable could hypothetically be more than disclosed in the SOF. Following the Supreme Court's decision in Brij Lal, the interest liability u/s 234B cannot extend beyond the date of admission u/s 245D(1)..... en-us Mon, 30 Sep 2024 13:45:08 +0530 Mon, 30 Sep 2024 13:45:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=81816 The High Court held that the Income Tax Settlement Commission (ITSC) rightly restricted the applicability of interest u/s 234B on the total income disclosed in the Statement of Facts (SOF) up to the date of admission of the application u/s 245D(1). For considering the application, the ITSC must be satisfied that the applicant made a full and true disclosure regarding income and the settlement amount. After admission, the ITSC can call for reports, records, and undertake further inquiry under sub-sections (3) and (4), wherein the final amount payable could hypothetically be more than disclosed in the SOF. Following the Supreme Court's decision in Brij Lal, the interest liability u/s 234B cannot extend beyond the date of admission u/s 245D(1)..... Highlights Income Tax Mon, 30 Sep 2024 13:45:08 +0530 https://www.taxtmi.com/highlights?id=81816