Commissioner Of Income Tax, Mumbai vs Anjum M.H.Ghaswala & Ors

The Supreme Court addressed the jurisdiction of the Settlement Commission under Section 245B of the Income-tax Act, 1961, regarding its authority to waive or reduce interest under Sections 234A, 234B, and 234C. The Court upheld the decision of a larger Bench of the Commission, which concluded that the Commission possesses the power to waive or reduce statutory interest, emphasizing the purposive interpretation of the Act's provisions. The Court affirmed that the Commission, as an income-tax authority, has the necessary powers to facilitate settlements, thus supporting the Commission's broader mandate to resolve tax disputes.