COMNR. OF SALES TAX, U.P. vs S/S NEW INDIA INSURANCE CO. LTD. — C.A. No. 2421/2000

Case Summary Note: The document provided concerns C.A. No. 2421/2000 (Commissioner of Income Tax, Mumbai v. Anjum M.H. Ghaswala & Ors.), not the Sales Tax case referenced in the header. The Supreme Court held that the Settlement Commission under the Income Tax Act lacks power to waive or reduce mandatory statutory interest under Sections 234A, 234B, and 234C during settlement proceedings. While Section 245D(6) permits specifying settlement terms (payment conditions like installments), it does not authorize interest reduction. However, the Commission may grant relief only to the extent provided in Board circulars issued under Section 119 of the Act. This case analysis is maintained by casestatus.in based on publicly available court records.