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2004 (9) TMI 80 - HC - Income TaxSettlement commission granting waiver of interest – rectification of mistake - it was contended on behalf of the Revenue that the said orders need rectification in view of the decision of the apex court rendered in the case of Hindustan Bulk Carriers. By this judgment the apex court reversing the earlier decision of the same court rendered in the case of Gulraj Engineering Construction Co., wherein it is held that the Settlement Commission has no jurisdiction to waive interest – Now question is whether the Supreme Court pronouncement can be applicable retrospectively in the cases, which have been decided already - I think one cannot take advantage of the subsequent pronouncement of a superior court in a closed and settled matter particularly in the matter decided and settled four years back, in the guise of rectification - I hold there was no ground nor does it warrant for exercising jurisdiction under section 154
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