2003 (3) TMI 658 - AT - Income Tax

Summary

The Appellate Tribunal ITAT DELHI upheld the order of CIT (Appeals) directing the Assessing Officer to allow interest received on FDR to be adjusted against interest paid on loans for the assessment year 1995-96. The Tribunal confirmed the decision based on previous rulings and held that the interest earned on FDR was rightly set off against interest payable to the bank. The appeal of the department was dismissed.