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of <h1>ITAT Madras-B rules in favor of assessee firms on interest levy under section 139(8)</h1> <h3>MPC Narayana Nadar And Brothers. Versus First Income-Tax Officer.</h3> The ITAT Madras-B ruled in favor of the assessee firms, overturning the AAC's decision to uphold interest levied by the ITO under section 139(8). The ITAT ... - 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.
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