https://www.taxtmi.com/caselaws?id=24590 Interest under section 139(8) of the Income-tax Act was not chargeable from a registered firm where advance tax and tax deducted at source fully covered the assessed tax liability, leaving no tax payable on assessment. The principle followed the Supreme Court ruling in Ganesh Dass Sreeram v. ITO, which treated full prepayment of tax as removing the basis for charging interest for delayed filing of the return. On that reasoning, the Tribunal's view that no interest was leviable was upheld, and the reference was answered in favour of the assessee. en-us Mon, 08 Aug 1988 00:00:00 +0530 Thu, 21 Jan 2010 10:44:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=24590 Interest under section 139(8) of the Income-tax Act was not chargeable from a registered firm where advance tax and tax deducted at source fully covered the assessed tax liability, leaving no tax payable on assessment. The principle followed the Supreme Court ruling in Ganesh Dass Sreeram v. ITO, which treated full prepayment of tax as removing the basis for charging interest for delayed filing of the return. On that reasoning, the Tribunal's view that no interest was leviable was upheld, and the reference was answered in favour of the assessee. Case-Laws Income Tax Mon, 08 Aug 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=24590