https://www.taxtmi.com/caselaws?id=272050 The High Court held that adjustments of refunds from other firms cannot be considered as payment under Section 140A for charging interest for the assessee. The Court emphasized that the Income Tax Act does not allow inter-assessee adjustments for offsetting tax liabilities. The Court referred to relevant provisions and a Supreme Court decision highlighting the mandatory nature of charging interest under specific sections of the Act. Consequently, the Court ruled in favor of the Revenue, stating that the interest liability of the assessee cannot be waived through such adjustments. en-us Thu, 18 Feb 2016 00:00:00 +0530 Thu, 25 Feb 2016 08:51:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=272050 The High Court held that adjustments of refunds from other firms cannot be considered as payment under Section 140A for charging interest for the assessee. The Court emphasized that the Income Tax Act does not allow inter-assessee adjustments for offsetting tax liabilities. The Court referred to relevant provisions and a Supreme Court decision highlighting the mandatory nature of charging interest under specific sections of the Act. Consequently, the Court ruled in favor of the Revenue, stating that the interest liability of the assessee cannot be waived through such adjustments. Case-Laws Income Tax Thu, 18 Feb 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=272050