MAX NEW YORK LIFE INSURANCE COMPANY LTD.,GURGAON vs. DCIT, CIRCLE- 1, LTU, NEW DELHI

In the result, the appeal of the assessee is partly allowed

Bench: Shri Bhavnesh Saini & Shri Prashant Maharishimax New York Life Insurance Vs. Dcit, Company Ltd, Circle-1, Ltu, New Delhi Plot No. 90A, Sector-18, Udyog Vihar, Haryana (Appellant) (Respondent)

115B(1)(ii). There may be a case that the assessee may have interest income on refund of income tax, the income so received be taxed u/s 115(1)(ii). Therefore, we do not agree with the plea of learned DR that the provisions of section 115(1)(ii) will become redundant in case the income in shareholders account