Power of rectification vested to Settlement Commission only w.e.f. 01.06.2011: Madras HC

Alukkas Jewellery Vs Income Tax Settlement Commission (Madras High Court) Madras High Court held that Settlement Commission not authorized to rectify the order under section 154 of the Income Tax Act as power of rectification vested to Settlement Commission only with effect from 01.06.2011. Facts- The impugned order has been passed in terms of Section 245F(1) read with Section 154 of the Income-tax Act, 1961 (in short, ‘Act’) on 21.03.2003. The Settlement Commission has rectified the component of interest levied under Section 245F(1) vide order dated 10.04.1998 passed under Section...