Allowing the appeal of the assessee the Tribunal held that where amount of refund granted to assessee for earlier period was adjusted against outstanding demand for relevant year, no interest was leviable under S. 234D of the Act. (AY. 2007-08)
Bank of Tokyo-Mitsubishi UFJ Ltd. v. DCIT (2020) 180 ITD 300 (Delhi) (Trib.)
S. 234D : Interest on excess refund–Deduction of tax at source-Refund granted for earlier period was adjusted against outstanding demand of relevant year–No interest is leviable. [S. 234B]