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| The Tax Publishers2020 TaxPub(DT) 0638 (Mum-Trib) INCOME TAX ACT, 1961
Section 263
AO while framing assessment had arrived at a plausible view and therein concluded that claim of netting off of the interest received on income-tax refund as against interest paid by assessee to tax department under sections 234B and 234C was in order, therefore, same could not have been brought within the realm of revisionery jurisdiction of Pr. CIT under section 263.
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Revision under section 263 - Erroneous and prejudicial order - Pr. CIT disputed allowance of claim of netting of interest received on income tax refund against interest paid under sections 234B and 234C -
Assessee company after netting off interest received on income tax refund against interest paid under sections 234B and 234C of Rs. 41,7,51,091, had offered balance amount of interest on income tax refund as income from 'Other sources'. Pr. CIT held that failure on the part of AO to disallow said claim of deduction rendered assessment framed by him erroneous insofar prejudicial to the interest of revenue.Held: AO while framing assessment had arrived at a plausible view and therein concluded that claim of netting off the interest received on income-tax refund as against interest paid by assessee to tax department under sections 234B and 234C was in order, therefore, same could not have been brought within the realm of revisionery jurisdiction of Pr. CIT under section 263.
Applied:DIT v. Bank of America NT & SA [ITA No. 177 of 2012, dated 3-7-2014, Superplaza Mercantile Co. P. Ltd. v. Asstt. CIT [ITA 2100/Mum /2012] (Mum), Credit Agricole Corporate & Investment Bank v. Asstt. DIT [ITA 724/Mum /2011](Mum) : 2015 TaxPub(DT) 4484 (Mum-Trib).
REFERRED :
FAVOUR : In assessee's favour.
A.Y. : 2015-16
IN THE ITAT, MUMBAI BENCH
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