Interest u/s 244A shall be Calculated by first Adjusting Amount of Refund towards Interest Component and Balance left towards Tax Component: ITAT grants relief to IDBI Bank [Read Order]

By Sunayana Dhal - On December 1, 2023 3:30 pm - 2 mins read

ITAT grants relief to IDBI Bank - IDBI Bank - Tax Component - Interest Component - ITAT grants relief - TAXSCAN

The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) granted relief to the IDBI Bank and held that the interest under Section 244A of the Income Tax Act, 1961 shall be calculated by first adjusting the amount of refund towards the interest component and then the balance left towards the tax component. The assessee…

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