Case Law Details
Case Name : DCIT Vs Bank of America NT & SA (ITAT Mumbai)
Related Assessment Year : 1992- 93
Courts :
All ITAT ITAT Mumbai
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DCIT Vs Bank of America NT & SA (ITAT Mumbai)- Tribunal held that interest received on income tax refund can be set-off against the interest paid on delayed payment of income tax and only net amount is to be taxed.
The issue before the tribunal was that Whether interest income received by the taxpayer on income tax refund can be set-off against delayed payment on income tax? Whether the taxpayer can offer the net interest received as income?
Taxpayer Contended that the interest paid to and received from the same party i.e. the tax department. Hence both the transactions should be taken to...
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in case interest on delay in payment of tax is excess than interest earn in refund then, can we claim loss under “income from other sources”
1) What if, interest paid exceeds interest received?
2) Does it apply to the situation in which one previous assessment results into demand along with interest thereon and another previous assessment results into refund along with interest thereon. The notice of both previous assessments are assumed to be received during the one same previous year.
Thanks in advance!