Simple interest at 12% p.a if a return is filed after the specified date.

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..... In the said instruction, it was stated that in view of the Supreme Court's decision in the case of C.I.T.Vs. Kullu Valley Transport Company Private Ltd., the loss returns should be accepted even though they were filed beyond the time limit referred to in section 139(3) of the Income-tax Act. It was clarified in the said instruction that the Supreme Court's decision would apply in respect of cases .....

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..... te, although it is a valid return. Since this position has now changed consequent upon the amendment introduced by Taxation Laws Amendment Act, 1970, it is clarified that in case a loss return is not filed within the time prescribed u/s.139(3), the assessee will not be entitled to the benefit of carry forward of loss. The above instructions may please be brought to the notice of the Officers wor .....

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