Settlement Commission cannot re-open the concluded proceedings u/s. 154: Madras HC

R.Kasi Viswanathan Vs Income-tax Settlement Commission (Madras High Court) Madras High Court held that in terms of section 245I, the Settlement Commission cannot re-open its concluded proceedings by invoking section 154 of the Act so as to levy interest under section 234B of the Income Tax Act. 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 19.01.1998 passed under Sec...