9911796707
TMI Blog1998 (12) TMI 48X X X X Extracts X X X X X X X X Extracts X X X X ..... is a registered firm had paid the excess advance tax over and above the tax determined and, therefore, the question of levy of interest under s. 139(8) of the IT Act, does not arise. 2. The facts leading to the Tax Case are the following :--- The assessee is a registered firm and for the asst. yr. 1979-80, the assessee filed a return of income on 22nd Dec., 1981 after a delay of 28 months. The I ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erest under s. 139(8) of the Act. On an application by the assessee, the following question of law has been referred by the Tribunal for our consideration : "Whether the Tribunal is justified in holding that the charge of interest under s. 139(8) would be attracted in the case of the assessee registered firm although no tax is found to be payable on assessment after adjustment of advance tax?" A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... was filed by it beyond the time allowed, regard being had to the fact that payment of interest is only compensatory in nature. In this case, it is seen that the entire amount of tax was paid by the assessee by way of advance tax. The assessee had paid Rs. 25,300 and the ultimate tax liability was arrived at only Rs. 21,367. 3. Applying the principles and the law laid down by the Supreme Court in ..... X X X X Extracts X X X X X X X X Extracts X X X X
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