Importance of Section 139 (8A)

[CA Rachit Agarwal]

Could anyone tell me the importance of interest chargeability under Section139 (8A) of the Income Tax Act

[CAGOPALJI AGRAWAL]

This sub section is applicable upto assessment year 1987-88 only when the AO had the power for extention of date.

AI Summary

Interest chargeability under Section 139(8A) limited to historical assessments where assessing officer could extend filing dates. Interest chargeability under Section 139(8A) applies only to historical assessments where the assessing officer retained and exercised the power to extend the filing date, making late filing interest recoverable in those circumstances.