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TMI BlogBudget proposals for the F.Y.2016-17, inter alia in relation to the provisions of section 234B of the IT Act as applicable to the ITSCX X X X Extracts X X X X X X X X Extracts X X X X ..... t proposals for the F.Y.2016-17, inter alia in relation to the provisions of section 234B of the IT Act as applicable to the ITSC-reg. Kindly refer to reference ID No. F. No. 299/56/201MF(lnv.-III) dated 20.01.2016, along with a copy of DO letter dated 08.01.2016, received from Vice-chairman of the Income tax Settlement Commission (ITSC), Kolkata on the subject mentioned above. 2. In this conte ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mount of income-tax referred to in that sub-section. Further; where as a result of on order of the Settlement Commission under sub-section (4) of section 245D for any assessment year, the amount of total income disclosed in the application under sub- section (1) of section 245C is increased, the assessee shall be liable to pay simple interest at the rate of one per cent for every month or part of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... C as on 01.06.2015 as well. 5. As regards the issue of granting waiver of interest to the pre-01.06.2007 cases, it may be mentioned that it is an administrative decision and does not fail under the domain area of TPL division of CBDT. It may however, be clarified that no order under section 119 of the Act can be issued by CBDT to the ITSC, as ITSC is not an Income tax authority under section 116 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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