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TMI Blog2018 (6) TMI 1686X X X X Extracts X X X X X X X X Extracts X X X X ..... n the facts and in the circumstances of the case and in law, the Ld. CIT(A) erred in directing A.O to allow set off interest on income tax refund received from interest on income tax paid. 2. The appellant prays that the order of the ld. CIT(A) on the above ground be set aside and that of the Assessing Officer restored. 3. The Appellant craves leave to amend or alter any ground or add a new ground which may be necessary." 2. Briefly stated, the facts of the case are that assessee which is engaged in the business of manufacturing and sale of pharmaceutical products and API etc. had e-filed its return of income for A.Y. 2007-08 on 30.10.2007, declaring total income of Rs. 252,00,29,460/- as per the normal provisions and a 'book profit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he present appeal was squarely covered by the judgment of the Hon'ble High Court of Bombay in the case of DIT Vs. Bank of America NT & S.A [ITA No. 177 of 2012, dated 03.07.2014] (copy placed on record). It was submitted by the ld. A.R that the High Court approving the view taken by the Tribunal, had observed that where the assessee had received interest on refund of taxes paid and had also paid interest on the taxes which were payable, it would be entitled to set off the interest received against the interest paid and offer the net interest received for tax. It was further submitted by the ld. A.R that a coordinate bench of the Tribunal viz. ITAT 'K' bench, Mumbai in the assessees own case for AY. 2005-06 i.e. Lupin Ltd. Vs. Asst. Commissi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... set off the interest received on the income tax refund against the interest paid on the taxes to the income tax department, is squarely covered by the judgment of the Hon'ble High Court of Bombay in the case of DIT Vs. Bank of America NT & SA [ITA No. 177 of 2012, dated 03.07.2014]. We find that the High Court after deliberating at length on the issue under consideration, had observed as under:- "3. Even with regard to the question No. 2 we do not find that it is a substantial question of law. The Tribunal found that the assessee Bank received interest on refund of taxes paid. It also paid interest on the taxes which were payable. The Assessee sought to set off the interest paid against the interest received and offered the net interest ..... X X X X Extracts X X X X X X X X Extracts X X X X
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