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High Court affirms ITSC's interest limit on disclosed income u/s 234B, aligning with Supreme Court's Brij Lal ruling.
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....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).........