https://www.taxtmi.com/caselaws?id=255872 Interest under Section 12 of the Interest Act, 1974 was not leviable where the assessee filed the return within the time permitted in response to a notice under Section 10, because the case did not fall within the statutory defaults covered by the charging provision. The Court held that Section 12 applies only to failure to furnish a return after the due date under Section 7(1) or after the time allowed in a notice under Section 7(2), and it could not be extended to a situation where there was no delay in complying with the notice. The levy was therefore unsustainable and the assessee's liability to interest was negatived. en-us Tue, 28 Oct 2014 00:00:00 +0530 Thu, 29 Jan 2015 08:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=255872 Interest under Section 12 of the Interest Act, 1974 was not leviable where the assessee filed the return within the time permitted in response to a notice under Section 10, because the case did not fall within the statutory defaults covered by the charging provision. The Court held that Section 12 applies only to failure to furnish a return after the due date under Section 7(1) or after the time allowed in a notice under Section 7(2), and it could not be extended to a situation where there was no delay in complying with the notice. The levy was therefore unsustainable and the assessee's liability to interest was negatived. Case-Laws Income Tax Tue, 28 Oct 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=255872