9911796707
TMI Blog2024 (6) TMI 334X X X X Extracts X X X X X X X X Extracts X X X X ..... the AY 2010 -11 on 01.10.2010 declaring an income of Rs. 1,52,73,067/-. The assessment in the case was completed under section 143(3) of the Income Tax Act, 1961 on 25.10.2012 by accepting the returned income filed by the Assessee. Later on, the CIT(Central), Gurgaon issued an order dated 24.03.2015 under section 263 of the Act and the assessment under section 143(3) read with section 263 of the Act was completed on 15.03.2016 assessing total income at Rs. 21,74,83,160/-. 4. Aggrieved, the Assesses filed an appeal before the Ld. CIT(Appeals), Rohtak. The Ld. CIT(Appeals), Rohtak vide order no. 23/2016-17 dated 08.08.2019 partly allowed the appeal of the Assessee by restriction the original addition of Rs. 95,95,186/- made on account of dis ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... plication the whole difference in the amount of TDS and Advance Tax as computed by the Department from the one that was reflected in Form 26AS, was explained by the Assessee. 9. The TDS computed by the department was Rs. 1,35,496/- less than the amount shown in Form 26AS also the amount of Advance Tax was less by Rs. 6,04,881/-. The whole difference totals to Rs. 7,40,377/-.' 10. The request of the Assessee was disposed off by the AO vide order dated 04.10.2021. The Assessee again filed the application under section 154 claiming the refund of Rs. 7,40,377/-. But again, the same was not allowed to the Assessee stating that credit of these prepaid taxes of Rs. 7,40,377/- (TDS Rs. 1,35,496/- and the Advance Tax Rs. 6,04,881/-) has neithe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . [(2) * Omitted w.e.f. 01.09,2019" ("In the prescribed form and verified in the prescribed manner.") 17. Section 219 of the Act states that, "219. Credit for advance tax.-Any sum, other than a penalty or interest, paid by or recovered from an assesses as advance tax in pursuance of this Chapter shall be treated as a payment of tax in respect of the income of the period which would be the previous year for an assessment for the assessment year next following the financial year in which it was payable, and credit therefor shall be given to the assessee in the regular assessment" 18. From above the Assessee was required to be given the credit of the Advance tax of Rs. 6,04,881/- because it was paid in excess. The amount computed by the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y of the amount, if any, of the tax paid in excess of the tax chargeable on the total income returned by the assessee.]" 22. Clause (b) of section 240 of the Act is applicable in this case and the Assessee becomes eligible to get the refund of Rs. 7,40,377/-. The Assessment was completed and the refund of the excess was to be payable to the Assessee, which was not given. The computation of the tax payable by or refund due to the Assessee is determined only after adjusting the amounts of tax deducted at source, tax collected at source, any advance tax paid, etc. by the Assessee, from the tax, which was required to be paid by it, as per section 143(1)(c) of the Act. The refund generated to the Assessee was Rs. 65,99,880/- whereas the correct ..... X X X X Extracts X X X X X X X X Extracts X X X X
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