https://www.taxtmi.com/caselaws?id=26433 The court clarified that the statutory liability to pay interest under section 139 for delayed filing of returns is not dependent on an application for extension of time. It overruled the precedent in CIT v. Bahri Bros. (P) Ltd., aligning with the majority view that interest is chargeable irrespective of seeking an extension. The judgment emphasized that interest serves as compensation, not a penalty, for delayed tax payment. The Tribunal's decision was deemed incorrect, ruling in favor of the Revenue and against the assessee. en-us Mon, 19 May 1986 00:00:00 +0530 Fri, 05 Feb 2010 10:05:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26433 The court clarified that the statutory liability to pay interest under section 139 for delayed filing of returns is not dependent on an application for extension of time. It overruled the precedent in CIT v. Bahri Bros. (P) Ltd., aligning with the majority view that interest is chargeable irrespective of seeking an extension. The judgment emphasized that interest serves as compensation, not a penalty, for delayed tax payment. The Tribunal's decision was deemed incorrect, ruling in favor of the Revenue and against the assessee. Case-Laws Income Tax Mon, 19 May 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26433