Tribunal held that as per ‘Explanation’ to section 234C, for purpose of computing interest liability, tax due on returned income has to be reduced by any tax deductible at source in accordance with provisions of Chapter XVII on any income which is subject to such deduction and is taken into account in computing total income of assessee . (AY. 2013 -14 )
Goldman Sachs Investments (Mauritius) Ltd. v. DCIT ( 2020 ) 194 DTR 329/ 207 TTJ 913 (2021) 187 ITD 184/ (Mum) (Trib.)
S. 234C : Interest – Deferment of advance tax – Tax deductible at source – Income which is subject to such deduction and is taken into account in computing total income of assessee.