https://www.taxtmi.com/caselaws?id=67437 The Tribunal held that a registered firm is not liable to pay interest under section 139(8)(a) of the Income-tax Act when no tax is payable, rejecting the revenue's argument based on Explanation 2. They emphasized that interest is compensatory, not penal, and should only apply when tax is payable. The Tribunal favored the assessee's interpretation, citing precedents and principles of statutory interpretation. Consequently, the Tribunal upheld the AAC's decision, ruling that the assessee was not required to pay interest, and dismissed the revenue's appeal. en-us Fri, 21 Oct 1983 00:00:00 +0530 Thu, 10 Mar 2011 16:07:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67437 The Tribunal held that a registered firm is not liable to pay interest under section 139(8)(a) of the Income-tax Act when no tax is payable, rejecting the revenue's argument based on Explanation 2. They emphasized that interest is compensatory, not penal, and should only apply when tax is payable. The Tribunal favored the assessee's interpretation, citing precedents and principles of statutory interpretation. Consequently, the Tribunal upheld the AAC's decision, ruling that the assessee was not required to pay interest, and dismissed the revenue's appeal. Case-Laws Income Tax Fri, 21 Oct 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67437