2017 (10) TMI 942

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....by the Settlement Commission [IT & WT], Additional Bench, Chennai, in respect of the three applications filed by the petitioners. The Assessment years to which the petitioners filed applications for settlement are 1990-91 to 2000-01, 1994-95, 1996-97 and 1992-93 to 1994-95. 3. The Challenge to the impugned proceedings is not on the merits of the findings recorded by the Commissioner, but only with regard to the levy of interest under Sections 234 (A) and 234 (B) of the Income Tax Act,1961 [hereinafter called as the Act ]. One other issue is with regard to the interest payable under Section 220 (2) of the Act. 4. During the course of proceedings before the Commission, the learned counsel appearing for the assessee submitted that levy o....

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....rmal provisions remain open. But once the Commission admits the case, after being satisfied that the disclosure is full and true, the proceedings commence with the Settlement Commission. In the meantime, the applicant has to pay the additional amount of tax with interest without which the application for settlement would not be maintainable. Thus, interest under Section 234B would be payable tup to the stage of Section 245D(1). Parliament has not extended the provisions and the liability to pay interest beyond the date of application for settlement. There is no provision either under Chapter XIX-A or even under Section 140A (dealing with self-assessment) to charge interest beyond the date of the application for settlement after it is admitt....