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of <h1>Scheduled Banks' Interest-Tax Deductions Lead to Rs. 50 Lakh Tax Shortfall; Review and Adjustments Ordered by March 20, 1989.</h1> Under the Interest Tax Act, 1974, interest-tax payable by scheduled banks is deductible when computing taxable profits. A Revenue Audit identified a case where a scheduled bank's interest-tax liability was significantly reduced on appeal for the years 1981-83, but the corresponding income-tax assessments were not adjusted, causing a tax shortfall of approximately Rs. 50 lakhs. To prevent future lapses, the Board instructs assessing officers to review such cases and revise income-tax assessments accordingly. A compliance report is due by March 20, 1989. Deputy Commissioners and Internal Audit parties must ensure adherence to these instructions.
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