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TMI Blog2010 (12) TMI 961X X X X Extracts X X X X X X X X Extracts X X X X ..... spectively to the petitioner-assessee. With the aforesaid directions, the present writ petition stands allowed - W.P. (C) 5293/2007 - - - Dated:- 9-12-2010 - Manmohan, J. M.S. Syali, Sr. Adv. Satyen Sethi, Arta Trana Panda, Husnal Syali and Mayank Nagi, Advs., for the Appellant Abhishek Maratha, Adv. for R-1 to 3., Sanjay Bhatt, Arvind Kumar, Advs. for R-4. for the Respondent JUDGEMENT Manmohan: 1. Present writ petition has been filed by the petitioner-assessee under Articles 226 and 227 of the Constitution of India praying for the following reliefs:- (i) A writ of Certiorari or writ, order or direction in the nature of Certiorari or any other appropriate writ, order or direction under Article 226/227 of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bject:- Deduction of tax at source - Payment in excess of the amount actually deducted or deductible from salaries and other types of payments under sections 192 to 194D of the Income-tax Act - Refund/adjustment of. Sir, The Board have been considering the manner of refunding the amount paid in excess of the tax deducted and/or deductible (whichever is more) under sections 192 to 194D of the Income-tax Act, 1961. The Board are advised that such excess payment can be refunded, independently of the Income-tax Act, to the person responsible for making such payment subject to necessary administrative safeguards. 2. In supersession of the earlier instruction on the subject, the following procedure is laid down to regulate the refund ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... type. The amount adjusted and the balance, if any, refunded would be debitable under the subhead -Other refunds" below the minor head -Income-tax on companies"-major head -020-Corporation tax" OR below the minor head -Income-tax other than union emoluments"- major head -021-Taxes on incomes other than Corporation Tax" according as the payment has originally credited to the major head -020-Corporation Tax" or the major head -021-Taxes on incomes other than Corporation Tax". 6. Since the adjustment/refund of the amount paid in excess would arise in relation to the deduction of tax at source, the recording of the particulars of adjustment/refund should be done in the quarterly statement of TDS/annual return (in case of salaries) under the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that was deducted at source by the petitioner for payment of interest to IDBI and has been deposited with the department is refunded to the assessee. Mr. Bhatt further submitted that he is making such a statement as the said interest component was never treated as an income at the hands of IDBI. Mr. Syali, learned senior counsel has invited our attention to the Circular No.285 dated 21st October, 1980 to show that refund can be paid under these circumstances. Learned counsel has invited our attention to the decision in Universal Cables Ltd. vs. Commissioner of Income Tax, 191 Taxman 370 especially paragraph 2 whereby the revenue had invoked the Circular No.285 and granted refund. Mr. Maratha is requested to apprise the authority and obt ..... X X X X Extracts X X X X X X X X Extracts X X X X
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