INTEREST ON INCOME TAX REFUND

This query is : Resolved

DILIP GALA (Querist)
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13 August 2008 M/S "XYZ" IS A PARTNERSHIP FIRM CARRYING ON BUSINESS FROM ALMOST LAST MORE THAN 20 YEARS, DURING THE FY 1992-93 ASSESSMENT THERE WERE CERTAIN EXPENSES DISALLOWED AND FIRM HAD TO PAY TAXES ON THAT , FIRM PAID TAXES AND ALSO WENT FOR APPEAL AND TRIBUNAL AND FINALLY IN FY 2007-08 THERE WAS DECISION IN OUR FAVOUR SO AMOUNT WAS REFUNDED WITH INTEREST. NOW DURING FY 2007-08 THERE WAS NO OTHER INCOME THAN INTEREST ON INCOME TAX REFUND , WHETHER THE SAME CAN BE SET OFF AGAINST UNABSORBED BUINESS LOSSES OF EARLIER YEARS. AS THERE WAS REFUND ON ACCOUNT OF BUSINESS TRANSACTIONS ONLY.

PLEASE GIVE SUGGESTIONS AND ADVICES

THANKS

S.Srinivasaraghavan

S.Srinivasaraghavan (Expert)
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13 August 2008 Yes, this can be set off.

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