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TMI Blog1998 (10) TMI 36X X X X Extracts X X X X X X X X Extracts X X X X ..... ement Commission Additional Bench Madras for settlement of his tax liabilities for the assessment years 1987-88 to 1992-93. He also prayed for waiver of interest and penalties leviable under the Act. The Settlement Commission in the order passed initially did not indicate the basis under which it had refused to waive the interest levied under sections 234A 234B and 234C of the Act. The petitioner therefore filed a miscellaneous petition for clarification and direction as regards interest under sections 234A 234B and 234C of the Act. Since the Tribunal has observed that the Settlement Commission has the power to waive the interest he sought for a direction regarding waiver of the interest. He also submitted that the levy of interest is not i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on to consider the matter once again in the light of the said decision. Mr. S. V. Subramaniam learned senior counsel for the first respondent submitted that it is no doubt true that the Settlement Commission has overruled its earlier decision in the case of Ashwani Kumar Aggarwal [1992] 195 ITR 861 [ITSC, SB]. He further submitted that the earlier decision in Ashwani Kumar Aggarwal's case [1992] 195 ITR 861 [ITSC, SB] is pending before the apex court for consideration. I have carefully considered the submissions of learned counsel for the parties. The fact remains that the Settlement Commission in its order in Anjum Mohammed Hussein Ghaswala In re [1998] 230 ITR (A.T.) 1 [SB] has overruled its earlier decision in Ashwani Kumar Aggarwal' ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 234B and 234C of the Act. On the facts of the case it is seen the Settlement Commission by the impugned order rejected the request of the petitioner for the reduction or waiver of interest on the basis of its earlier decision. However in view of the decision of the Special Bench of the Settlement Commission in Anjum Mohammed Hussein Ghaswala In re [1988] 230 ITR (A.T.) 1 [SB] holding it has powers the impugned order is set aside. It is also made clear that since the Settlement Commission itself has reversed its earlier order it is not necessary to consider the question of jurisdiction of the Settlement Commission to grant waiver of interest under sections 234A, 234B and 234C of the Act and the parties are given the liberty to agitate the qu ..... X X X X Extracts X X X X X X X X Extracts X X X X
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