9911796707
TMI Blog2023 (7) TMI 85X X X X Extracts X X X X X X X X Extracts X X X X ..... been committed, made a course correction. The revised Form 26-AS reflects this position. There is no dispute that the petitioner, while filing its return for AY 2020-21, had taken the position that the amount received as compensation and interest, was exempt from imposition of tax. The said return was, concededly, processed u/s 143(1) - The record indicates that the intimation u/s 143(1) of the Act served on the petitioner is dated 08.05.2021. Via this intimation, demand has been raised against the petitioner, albeit, without giving credit for the tax deducted at source on compensation. It is important to record that the petitioner had earlier moved a rectification application u/s 154 of the Act, which was disposed via an order ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es, the writ petition is taken up for hearing and final disposal, at this stage itself. 4. This writ petition concerns Assessment Year (AY) 2020-21. 5. The record shows that the subject land which belonged to the petitioner was acquired by the National Highways Authority of India (NHAI) in exercise of powers conferred upon it under National Highways Act, 1956 [in short, 1956 Act ]. 5.1 Concededly, the petitioner was granted compensation as well as interest on the said compensation. 6. While the petitioner s stand, at the relevant point in time, was that the compensation and interest received from the NHAI was not amenable to imposition of income tax, NHAI deducted tax at source, both vis- -vis the principal amount as well as th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... petitioner in the aforementioned rectification application, which, we are told, is pending consideration: To take the above on record ; To give credit of taxes to the tune of Rs. 84,88,480 and Rs. 2,25,352/- for the year under consideration as reflected in Form 26AS; To rectify the order dated 15.02.2022 deleting the outstanding demand amounting to Rs16,440 and grant a refund to the tune of Rs. 90,59,390. 14. It is important to record that the petitioner had earlier moved a rectification application under Section 154 of the Act, which was disposed via an order dated 15.02.2022, whereby demand for the AY in issue i.e., 2020-21 was scaled down to Rs.16,440/-. 14.1 The third prayer made in the said application, w ..... X X X X Extracts X X X X X X X X Extracts X X X X
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