https://www.taxtmi.com/caselaws?id=38991 Charge of penal interest under the return-filing proviso and related statutory interest cannot be sustained where no application for extension was made and no extension was granted; for the relevant assessment year the statutory scheme attached penal interest only upon a sought-and-granted extension, and subsequent amendments are inapplicable. Further, liability for penal interest must be recorded or incorporated in the assessment order itself; a standalone demand notice without the assessment order specifying penal interest is insufficient to create the obligation. The impugned interest demand was therefore quashed in favour of the assessee. en-us Thu, 22 Apr 1976 00:00:00 +0530 Sat, 10 Apr 2010 18:00:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38991 Charge of penal interest under the return-filing proviso and related statutory interest cannot be sustained where no application for extension was made and no extension was granted; for the relevant assessment year the statutory scheme attached penal interest only upon a sought-and-granted extension, and subsequent amendments are inapplicable. Further, liability for penal interest must be recorded or incorporated in the assessment order itself; a standalone demand notice without the assessment order specifying penal interest is insufficient to create the obligation. The impugned interest demand was therefore quashed in favour of the assessee. Case-Laws Income Tax Thu, 22 Apr 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38991