Section 72, 234B, 234D of Income Tax Act, 1961— This appeal is preferred by assessee against the order passed by respondent.
The assessee has challenged the addition on account of interest received on External Commercial Borrowings [ECB], extended to Indian borrowers.

Held that— We have heard the rival submissions and have carefully perused the orders of the co-ordinate benches as mentioned.

Next ground relates to the levy of interest u/s 234D of the Act.
Held that— We have carefully considered the intimation u/s 143(1) of the Act dated 31.10.2012 and the Income tax computation form dated 28.07.2016. We find force in the contention of the ld. counsel for the assessee that refund was adjusted against the outstanding demand vide order dated 31.10.2012. Therefore, in our considered opinion, the Revenue erred in levying interest u/s 234D of the Act for the period July 2009 to July 2016. We, accordingly, direct the Assessing Officer to delete the interest so levied.

Next ground relates to the claim of set off of brought forward business losses and unabsorbed depreciation.

We direct the Assessing Officer to allow set off of brought forward business losses and unabsorbed depreciation as per provisions of law.[THE BANK OF TOKYO-MITSUBISHI UFJ LTD. VERSUS DY. C.I.T CIRCLE-3 (1) (1) , INTERNATIONAL TAXATION, NEW DELHI] [2019] 17 ITCD Online (15) [ITAT DELHI]