https://www.taxtmi.com/caselaws?id=11991 Excess interest actually received by a bank in the relevant assessment years was chargeable to tax under section 6 of the Interest-tax Act, even though it was later credited back to the customer. The later discovery that a higher rate had been charged did not change the character of the receipt for the earlier years, so the assessee could not reopen those years to reduce taxable income. Any relief arose only as a deduction in the year of repayment or credit, here the later assessment year in which the adjustment was made. The claim to exclude the amount from the earlier years therefore failed. en-us Tue, 01 Oct 2002 00:00:00 +0530 Sun, 14 Feb 2010 12:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=11991 Excess interest actually received by a bank in the relevant assessment years was chargeable to tax under section 6 of the Interest-tax Act, even though it was later credited back to the customer. The later discovery that a higher rate had been charged did not change the character of the receipt for the earlier years, so the assessee could not reopen those years to reduce taxable income. Any relief arose only as a deduction in the year of repayment or credit, here the later assessment year in which the adjustment was made. The claim to exclude the amount from the earlier years therefore failed. Case-Laws Income Tax Tue, 01 Oct 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=11991