Search Results Page

Search Results

1 - 10 of 10 (0.32 seconds)
Commissioner Of Income Tax vs M/S Hindustan Bulk Carriers, M/S Damani ... on 17 December, 2002 cites

Commissioner Of Income Tax,Mumbai vs Anjum M.H.Ghaswala & Ors on 18 October, 2001

The question which arises is whether the assessee is required to pay any interest on the amount of tax on the income disclosed before the Settlement Commission as contemplated under Sections 234A, 234B and 234C? That question is concluded by a decision rendered by the Constitution Bench of this Court in Commissioner of Income Tax, Mumbai v. Anjum Ghaswala [(2002) 1 SCC 633] where it was held that the interest contemplated under Sections 234A, 234B and 234C is mandatory in nature and the power of waiver or reduction having not been expressly conferred on the Commission, waiver or reduction in payment of statutory interest is outside the purview of the settlement contemplated in Chapter XIX-A of the Act. Therefore, the assessee is required to pay interest at the prescribed rate from the date when the amount became due and payable on the undisclosed income which is disclosed before the Settlement Commission, till the date of the order of entertaining such application, passed by the Settlement Commission under Section 245C. He is given 35 days' time for making such payment under sub-section (2A) of Section 245D.
Supreme Court of India Cites 44 - Cited by 678 - Full Document
1