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Income tax on fd if a od on it

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Querist : Anonymous

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Querist : Anonymous (Querist)
18 July 2013 Hi there,

I have an FD and need to include the interest an income while filing the return. I have taken an OD for on this FD for some months during the FY 12-13. So Can I reduce the interest which I paid for OD from the interest gained on FD and show only the difference as income while filing IT return? Requesting the expert suggestions. Thanks
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
18 July 2013 It is not a good idea as the courts have given several verdicts in which this type of adjustment was not allowed. It is better to show interest income under the head Income from other sources.
.
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Querist : Anonymous

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Querist : Anonymous (Querist)
18 July 2013 Thanks PARAS for the clarification.
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
18 July 2013 Set off of OD interest against FD interest is not permitted.
Citation :- CIT vs. Dr. V. P. Gopinathan [248 ITR 449] (SC).
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