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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Madras High Court: Deduct Advance Tax for Registered Firms When Calculating Late Filing Interest per Section 139(8).</h1> The Madras High Court ruled on July 15, 1972, that for registered firms, the amount of advance tax should be deducted when calculating the tax on which interest is charged for late return filing, aligning with the interpretation for other assessees. This decision was based on the law before the Taxation Laws (Amendment) Act, 1970. The amended Section 139(8) now explicitly allows this deduction for registered firms. The Board has accepted this ruling and instructed that it be applied to all pending cases, with relief granted in completed cases where applicable. Officers are advised to implement these instructions.
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