Description:
Bank of Maharashtra v.ITO[2010] 6 ITR [Ahd-Trib] 824
The board has clearly clarified the position and the facts are exactly identical In the present case that the interest credited as per notional entry was only provisioning in the accounts for the purposes of macro- monitoring and it was not actual credit or payment of interest to the depositors. This notional provision was made and was reversed on the next working day, the amount so credited never accrued to the payee.
Source:
1. www.tpcc.in
2. The Tax Reference .Volume117. Issue No.3 17 January 2011 Page No.14.
Our comment:
Notional interest charged, and reversed on the next working day need converged under TDS provisions.
