TaxTMI 
TaxTMI 
2013 (2) TMI 400
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....in short, "the Act") so as to levy interest under section 234B of the Act if it was not done in the original proceedings. 2. A few facts relevant for the decision of this case, as narrated in the petition may be noticed. The petitioner is an individual and proprietor of M/s Fashion Boom, Ludhiana. She derives income from the business of purchase and sale of woollen/semi woollen shawls. The Settlement Commission vide order dated 21.3.2003, Annexure P.1 rectified its earlier order dated 21.6.1999, Annexure P.2 passed under section 245D(4) of the Act. The Settlement Commission vide its order dated 21.6.1999 had waived interest under section 234A of the Act for late filing of return as it was late for less than one year in view of decision of ....
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.... the Act and levying interest under Section 234A and Section 234B of the Act. 4. Learned counsel for the respondents, however, could not dispute the aforesaid proposition. 5. After hearing learned counsel for the parties, we find that the matter stands concluded by the judgment of the Hon'ble Supreme Court in Brij Lal's case (supra), wherein it was held as under:- "Proceedings before Settlement Commission are similar to arbitration proceedings. It contemplates assessment by settlement and not by way of regular assessment or assessment under section 143(1) or under section 143(3) or under section 144. In that sense,it is a Code by itself. It does not begin with the filing of the return but by filling the application for settlement. Under ....
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....assessee, there is no mention of section 154. On the contrary, under section 245-I the order of the Settlement Commission is made final and conclusive on matters mentioned in the application for settlement except in the two cases of fraud and misrepresentation in which case the matter could be reopened by way of review or recall. Like Tribunal, the Settlement Commission is a quasi-judicial body. Under section 254(2), the Tribunal is given the power to rectify but no such power is given to the Settlement Commission. Thus, Settlement Commission cannot reopen its concluded proceedings by invoking Section 154. Lastly, one must keep in mind the difference between review/recall of the order and rectification under section 154. The schedule of Cha....