9911796707
TMI Blog2023 (10) TMI 1202X X X X Extracts X X X X X X X X Extracts X X X X ..... f the tax demand raised as per Form 3 issued as per Section 5(1) and Rule 4 of DTVSV Act - Seeking refund the excess income tax to the petitioner, and further direct the respondents to issue Form 5, after accepting manual filing of Form 4 by the petitioner. HELD THAT:- The concerned respondent has to make suitable adjustments either physically or by online and to transfer the amount paid under the Direct Tax Vivad Se Vishwas Scheme for the assessment year 2016-2017 to the assessment year 2014-2015 without any further delay. If there is any difficulty for the Department, it is for them to sort out the same without providing any inconvenience to the Assessee with regard to the transfer of challans standing to the credit of assessment year ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ange for 70% of the built-up area in the proposed construction. In consideration for the transfer, the petitioner had received a sum of Rs. 2.5 Crores on 11.09.2013 and a further sum of Rs. 80 Lakhs on 06.03.2014 under a Supplementary Joint Development Agreement for surrendering an additional 1% of the UDS to the Developer in exchange for 69% of the built-up area in the proposed constructions. The built-up area was not transferred by the Developer to the petitioner during the assessment year 2014-2015 and the petitioner did not offer capital gains on the said sums received from the Developer in the assessment year 2014-2015 and filed the return of income for the said assessment year on 04.03.2015 admitting the total loss of a sum of Rs. 15, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... an Amount (Rs.) 1 222833 05.11.2016 5644 10,00,000/- 2 6390340 15.11.2016 1042 38,00,000/- 3 6390340 15.11.2016 1014 90,00,000/- 4 222833 18.07.2017 1105 1,20,00,000/- 5 222833 08.03.2017 1291 1,53,89,180/- 6 222833 10.08.2017 618 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ore, the present writ petition is filed to transfer the challans standing to the credit of AY 2016-17, along with the applicable interest under Section 244A of the Act to the credit of the tax demand raised as per Form 3 issued as per Section 5(1) and Rule 4 of the Direct Tax Vivad Se Vishwas Act, 2020 and the Direct Tax Vivad Se Vishwas Rules, 2020 respectively, dated 10.02.2021, in respect of Assessment Year 2014-15 and refund the excess income tax to the petitioner, and further direct the respondents to issue Form 5, after accepting manual filing of Form 4 by the petitioner. 8. In reply, the learned counsel for the respondent would submit that the correct year for capital gain was assessment year 2014-15. In the present case, though t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Rs. 31,11,865] along with the applicable interest, if any, in accordance with the Income Tax Act and stated that thereafter, they will pay the amount for the assessment year 2014-15 as per the demand notice. 10. At this juncture, the learned counsel for the petitioner would submit that the department may also explore the possibility of transfer instead of refunding the amount and even if there is no provision in the software, the Department may also take necessary steps to appropriately improve the software. Hence, the appropriate transfer can be made by way of providing credit to the assessment year 2014-15 from the amount available in the credit for the year 2016-17 in the name of the petitioner. 11. The learned counsel for the pet ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
