2010 (1) TMI 74

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....rder dated December 18, 2009, annexure P-1, passed by the Chief Commissioner of Income-tax, rejecting the application for waiver of interest under section 158BFA(1)(a) of the Income-tax Act, 1961 (for short, "the Act") for the assessment years covering assessing years 1988-99. 2. After a search was carried out at the premises of the assessee on November 20, 1997, notice under section 158BC of t....

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....he Commission could not be amended and the Chief Commissioner could not waive interest contrary to the decision of the Commission that the assessee was liable to pay interest. 3. We have heard learned counsel for the petitioner. 4. The main contention put forward by learned counsel is that waiver of interest does not amount to modification of the decision of the Commission. The power of waiv....

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....ommission, for which purpose the Settlement Commission could exercise power of an income-tax authority under the Act though the Commission was not otherwise subordinate to the Board. 5. We are unable to accept the submissions. The working of the Commission under the scheme of law is sui generis and is not at par with the assessing authorities. Even though after the liability to pay interest is ....