Interest compensated as money-tax can't be set off in opposition to desire receivable/gained through the assessee beneath Part 244A on the Act. Desire compensated just isn't an allowable deduction less than Portion 37, and Except there is a provision by which money is often subject matter into a deduction, no deduction is permissible from these types of revenue.

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If anyone satisfies the Evaluating Officer that the amount of tax paid out by him or on his behalf or dealt with as compensated by him, or on his behalf for any assessment calendar year exceeds the amount which He's correctly chargeable underneath the Profits-tax Act for that yr, he shall be entitled to the refund of the surplus tax paid out.

Delhi HC slams Govt apathy in excess of lawful scientists’ fork out hike: ‘They keep late, function weekends, and so are integral to your operating of this establishment’

The readers may possibly Click the link to go to the Web page of Cash flow Tax Office for resolving their uncertainties or for clarifications

Area 237 states that if any the original source person satisfies the Examining Officer that the amount of tax paid out by him or on his behalf or handled as paid by him or on his behalf for a selected evaluation 12 months exceeds his revenue tax liability for that yr, he shall be presented a refund of the surplus.

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While in the author’s perspective, no deduction is permissible due to the fact Not one of the deductions stipulated under Portion fifty seven site web might be manufactured applicable to these kinds of revenue. Even normally, there is usually no expenditure, income or capital attributable to this kind of income.

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It hangs for the still left of your desk where, this week, Holt signed an arrangement that may keep the group in Oklahoma Town by means of 2053 and will increase up to fifteen extra many years.

The judgment makes it crystal clear that the assessee can't be compensated Through interest on desire below recently inserted Segment 244A in the Act. It had been held while in the context of Section 244A on the Work as follows: