Case Law Details
Case Name : Sandvik Asia Limited Vs. DCIT (ITAT Pune)
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Sandvik Asia Limited Vs. DCIT (ITAT Pune)– The Issue before the tribunal was whether interest paid on income tax due can be set off against interest received on income tax refunds under the Income Tax Act, 1961. Before the Division Bench (DB) of the Pune Tribunal, there was a difference of opinion between the Members and, accordingly, the issue was referred to the Third Member for a majority opinion. The Third Member held that the interest paid and interest received from the Tax Authority cannot be set off against each other and the whole of the interest received is taxable under the I...
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