Demand on covered issues cannot be recovered by adjustment of refunds -HC

HDFC Bank Limited vs. The Assistant Commissioner of Income-tax 2(3) & Ors (Bombay High Court), Writ Petition (Lodging) No. 770 Of 2013, APRIL 4, 2013

In this case Assessee has made out a strong prima facie case for a stay of the recovery of the demand in respect of the aforesaid three items viz.; (i) Dis allowance of broken period interest; (ii) Dis allowance of amortization of premium, and (iii) Dis allowance of exemption on dividend income from the mutual fund units. The recovery of the demand on these t

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