The Tribunal held that while computing interest under section 234B, the Assessing Officer was required to reduce the amount of tax deductible at source. The matter was restored with a direction to recompute the interest accordingly. (AY. 1992-93).
Growmore Research and Assets Management Ltd. v. Dy. CIT (2025) 125 ITR 44 (Mum.)(Trib.)
S. 234B: Interest-Advance tax- Tax deductible at source-Interest to be recomputed after allowing TDS credit.[S. 199]
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