Interest u/s. 234B and 234C leviable as depositing advance tax has nothing to do with seizure of books

Sant Lal And Ors. Vs Income Tax Settlement Commission And Others (Punjab and Haryana High Court) Punjab and Haryana High Court held that interest under section 234B and 234C of the Income Tax Act cannot be waived as depositing advance tax has nothing to do with seizure of the books of accounts. Facts- Present writ petition has been preferred by the petitioners, assailing the order passed by the Income Tax Settlement Commission, to the extent that the Commission has ordered to charge the interest @ 50% under Section 234-A of the Income Tax Act, 1961 (for short, ‘the Act’), and also directed...