Interest-tax deduction adjustment must promptly trigger simultaneous revision of income-tax assessments to correct taxable profits. Where a scheduled bank's interest-tax liability is reduced on appeal, revision or other proceeding under the Interest Tax Act, the assessing officer must immediately revise the corresponding income-tax assessment for the relevant year to adjust the deduction previously allowed, and report reviewed cases and additional tax demanded to the Board; future appellate adjustments must be implemented simultaneously and compliance monitored by Deputy Commissioners and Internal Audit.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Interest-tax deduction adjustment must promptly trigger simultaneous revision of income-tax assessments to correct taxable profits.
Where a scheduled bank's interest-tax liability is reduced on appeal, revision or other proceeding under the Interest Tax Act, the assessing officer must immediately revise the corresponding income-tax assessment for the relevant year to adjust the deduction previously allowed, and report reviewed cases and additional tax demanded to the Board; future appellate adjustments must be implemented simultaneously and compliance monitored by Deputy Commissioners and Internal Audit.
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