Simple interest at 12% p.a if a return is filed after the specified date.

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Full Text of the Document

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....it was stated that in view of the Supreme Court's decision in the case of C.I.T.Vs. Kullu Valley Transport Company Private Ltd., the loss returns should be accepted even though they were filed beyond the time limit referred to in section 139(3) of the Income-tax Act. It was clarified in the said instruction that the Supreme Court's decision would apply in respect of cases coming under the Income-t....