https://www.taxtmi.com/caselaws?id=36309 The High Court of Allahabad interpreted provisions under the Indian Income Tax Act, 1961 regarding filing returns and penalty imposition in a case involving a partnership firm's failure to file its return for the assessment year 1967-68. The court clarified that a notice under section 139(2) does not impact the default under section 139(1) for penalty imposition. It held that penal interest does not extend the time for filing returns or waive penalties. Additionally, advance tax paid by partners individually is not deductible for penalty calculation for the firm. The court ruled in favor of the department, upholding penalties imposed by the Income Tax Officer. en-us Wed, 26 Jul 1978 00:00:00 +0530 Sat, 20 Mar 2010 14:52:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36309 The High Court of Allahabad interpreted provisions under the Indian Income Tax Act, 1961 regarding filing returns and penalty imposition in a case involving a partnership firm's failure to file its return for the assessment year 1967-68. The court clarified that a notice under section 139(2) does not impact the default under section 139(1) for penalty imposition. It held that penal interest does not extend the time for filing returns or waive penalties. Additionally, advance tax paid by partners individually is not deductible for penalty calculation for the firm. The court ruled in favor of the department, upholding penalties imposed by the Income Tax Officer. Case-Laws Income Tax Wed, 26 Jul 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36309