(Supreme Court – 5 Judge Bench)
In the light of the divergent judgements of the Supreme Court in Anjum Ghaswala 252 ITR 1, Hindustan Bulk Carrier 259 ITR 449 and Damani Brothers 259 ITR 475, a reference was made to the Full Bench of the Supreme Court to answer the questions (i) whether ss. 234A, 234B & 234C were applicable to Settlement Commission proceedings, (ii) whether such interest is payable up to the date of the s. 245D(1) order or up to the date of the s. 245D (4) order and (iii) whether the Settlement Commission can re-open its concluded proceedings by having recourse to s. 154 so as to levy interest u/s 234B, if it was not done in the original proceedings?
Held By The Full Bench:
(i) Though Chapter XIX- A is a self-contained Code, the procedure to be followed by the Settlement