COMMNR. OF INCOME TAX vs HINDUSTAN BULK CARRIERS

The Supreme Court addressed the applicability of interest under Section 234B of the Income Tax Act, 1961, in relation to orders passed by the Settlement Commission under Section 245D. The Court upheld the Special Bench's decision that interest is chargeable in various scenarios, specifically outlining the conditions under which interest is applicable based on the type of assessment made. The Court emphasized that the provisions in Chapter XIX-A of the Act create a distinct framework for handling undisclosed income, affirming the Commission's exclusive jurisdiction in such matters.