1984 (6) TMI 130 - AT - Income Tax

Summary

The ITAT Madras-B heard appeals regarding interest under section 139(8) levied on two assessee firms. The AAC upheld the interest levied by the ITO, treating the firms as unregistered for this purpose. However, the ITAT ruled in favor of the assessee firms, citing a Special Bench decision that interest under section 139(8) can only be levied if there is tax payable on the total income after taking into account advance tax paid. The appeals of the assessee firms were allowed.