Tax-Neutral Adjustment Between Interest Paid and Received Set Aside

Global Tradex Ltd Vs ACIT (ITAT Mumbai) ITAT Mumbai held that addition is unjustified and liable to be deleted since adjustment was made in between interest paid and interest received thus the entire adjustment had no tax effect i.e. it is tax neutral. Facts- Post completion of assessment, the notice u/s. 148 was issued for reopening of the impugned assessment order. The assessment was reopened on the ground that the assessee did not offer interest income amounting to Rs.2,74,22,331/- being the difference between the income on which TDS was deducted and claimed and the income offered by the as...