1988 (8) TMI 52 - HC - Income Tax

Summary

The High Court of Rajasthan ruled in favor of the assessee in a case involving interest under section 139(8) of the Income-tax Act, 1961. The Tribunal's decision was upheld based on a Supreme Court precedent stating that no interest is chargeable if advance tax covers the entire assessed amount, even if the return is filed late. The reference was answered against the Revenue and in favor of the assessee.