Interest on late returns applies and late-filed loss returns forfeit entitlement to loss carryforward under amended tax rules. Return filing after the prescribed date attracts simple interest under the amended income tax provisions, and a loss return not filed within the statutory time will not qualify for the carry forward of loss; a late return may be valid but forfeits entitlement to carry forward when not timely filed.
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Provisions expressly mentioned in the judgment/order text.
Interest on late returns applies and late-filed loss returns forfeit entitlement to loss carryforward under amended tax rules.
Return filing after the prescribed date attracts simple interest under the amended income tax provisions, and a loss return not filed within the statutory time will not qualify for the carry forward of loss; a late return may be valid but forfeits entitlement to carry forward when not timely filed.
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