2014 (3) TMI 581

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...., Advocate For the Respondent : Mr. Sudhir M. Mehta, Advocate JUDGMENT (Per : Honourable Mr. Justice Akil Kureshi) 1. Since the facts are similar, we may record those arising in Special Civil Application No.15097/2004. 2. The petitioner has challenged an order dated 11.10.2002 passed by the Settlement Commission in the following background : 2.1) The petitioner had applied for se....

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....%. Interest chargeable u/s.234B for all the four years will be reduced by 50%. Regarding Shri Mahnarlal M. Kakadia, interest u/s.234A for the assessment years 1993-94 and 1994-95 will be charged for eighteen and six months respectively. The balance interest is waived. Interest u/s.234A for assessment years 1995-96 will be charges as per law. Interest u/s. 234B will be reduced by 50% of the char....

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....r section 245D(4) was not chargeable in view of the judgement of the Patna High Court in the case of CIT v/s Ranchi Club Ltd., later affirmed by the Supreme Court (164 CTR 2000). It is noticed that the law has been amended with the deletion and amendment of Explanation 4 to Section 234A and Explanation 1 to Section 234B respectively by Finance Act 2001 with retrospective effect from 1.4.89 . There....

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....d thus be seen that the Commission Settlement modified its direction with respect to charging of interest exercising powers of rectification. The Supreme Court in case of Brij Lal and others v. Commissioner of Incometax reported in (2010) 328 ITR 477(SC), held that the Settlement Commission had no power of rectification. 4. In that view of the matter, on this short ground, the impugned order is....