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2020 (9) TMI 539 - HC - Income TaxGrant the credit of prepaid taxes on account of TDS and advance tax paid - grant the refund as finally determined after allowing the credit for prepaid taxes along with interest as per section 244A - HELD THAT - Today as respondent states that the petitioner s rectification application has been allowed by the AO vide order dated 23rd July, 2020 and a refund has been determined. The issue is now pending before the Centralized Processing Center. Though petitioner states that the demand under Section 143(1) of the Act, 1961 is still showing as outstanding on the Income Tax portal, yet this Court accepts the undertaking/statement made by the learned counsel for the respondents and holds the respondents bound by it. Direct the AO i.e. respondent No.1 to pursue the matter with the Centralized Processing Center and ensure that the refund determined by him is credited to the petitioner s account within two weeks.
Issues involved:
Petition seeking direction to grant credit of prepaid taxes and refund under Income Tax Act, 1961. Analysis: The petitioner filed a writ petition seeking a direction to grant credit of prepaid taxes amounting to ?74,33,750 on account of TDS and advance tax paid, and to grant the refund as determined under section 244A of the Income Tax Act, 1961. The petitioner's counsel argued that the respondent overlooked the credit for prepaid taxes reflected in Form 26AS while determining tax liability without providing any reasons. On a previous hearing, the respondent's counsel informed that the petitioner's rectification application was allowed, and a refund of ?5,89,296 was determined, pending before the Centralized Processing Center. Although the demand under Section 143(1) of the Act still showed as outstanding, the court accepted the respondent's counsel's statement and directed the Assessing Officer to ensure the refund is credited to the petitioner's account within two weeks. The writ petition was disposed of with these directions, and the order was to be uploaded on the website and forwarded to the counsel via email.
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