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

The Supreme Court ruled that the Settlement Commission, under Section 245B of the Income-tax Act, 1961, has the jurisdiction to waive or reduce interest under Sections 234A, 234B, and 234C while passing settlement orders under Section 245D(4). This decision overruled a prior 5-Member Special Bench ruling, affirming that the Commission's powers include those of the Board under Section 119, allowing for flexibility in settlement cases. The Court emphasized the purposive interpretation of the Commission's role in facilitating settlements without statutory restrictions.