https://www.taxtmi.com/caselaws?id=27927 The court upheld the validity of Explanation 2 to Section 139(8)(a) of the Income Tax Act, 1961, dismissing the petitions challenging the levy of interest by registered firms. It ruled that the provision, treating registered firms as unregistered for interest computation, is not discriminatory under Article 14 of the Constitution. The court held that interest under Section 139(8)(a) is compensatory and serves as a deterrent against default, distinguishing it from penal provisions under Section 271. The petitions were dismissed, and the interest charges were deemed valid without costs awarded. en-us Tue, 24 Apr 1984 00:00:00 +0530 Tue, 16 Feb 2010 18:25:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27927 The court upheld the validity of Explanation 2 to Section 139(8)(a) of the Income Tax Act, 1961, dismissing the petitions challenging the levy of interest by registered firms. It ruled that the provision, treating registered firms as unregistered for interest computation, is not discriminatory under Article 14 of the Constitution. The court held that interest under Section 139(8)(a) is compensatory and serves as a deterrent against default, distinguishing it from penal provisions under Section 271. The petitions were dismissed, and the interest charges were deemed valid without costs awarded. Case-Laws Income Tax Tue, 24 Apr 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27927