Interest on belated firm returns must be computed as if the firm were unregistered, affecting interest liability calculation. Interest under section 139(8) for firms filing belated returns must be computed as if the firm were unregistered; registration affects only tax payable, not the computation of taxable income for interest purposes. Firms assessed under special firm provisions and registered firms filing belated returns fall within Explanation 2 and must have interest calculated on the tax that would be payable if unregistered. Decisions to the contrary by appellate authorities should be contested.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Interest on belated firm returns must be computed as if the firm were unregistered, affecting interest liability calculation.
Interest under section 139(8) for firms filing belated returns must be computed as if the firm were unregistered; registration affects only tax payable, not the computation of taxable income for interest purposes. Firms assessed under special firm provisions and registered firms filing belated returns fall within Explanation 2 and must have interest calculated on the tax that would be payable if unregistered. Decisions to the contrary by appellate authorities should be contested.
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