Commissioner Of Income Tax vs M/S Hindustan Bulk Carriers, M/S Damani ...

The Supreme Court clarified the provisions of the Income Tax Act, specifically Sections 245A, 245B, 245C, and 245D, regarding the payment of interest on undisclosed income disclosed before the Income Tax Settlement Commission. It held that interest under Sections 234A, 234B, and 234C is mandatory and cannot be waived or reduced by the Commission, as established in Commissioner of Income Tax, Mumbai v. Anjum Ghaswala [(2002) 1 SCC 633]. The Court affirmed that the assessee must pay interest from the date the tax amount became due on the undisclosed income disclosed to the Commission.