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TMI Blog2025 (1) TMI 704X X X X Extracts X X X X X X X X Extracts X X X X ..... th cost rounded of to Rs. 6.30 Crore. This amount of Rs. 6.30 Crore is subject to enhancement of eligible interest and verification of applicable rate of tax. Accordingly to us, the respondent is liable to refund at least Rs. 6.30 Crore subject to final calculation of refund. We direct Assessing Officer to credit the amount of Rs. 6.30 Crore in the bank account of the petitioner. Let this petition be listed for further hearing on 7th January,2025 on top of the Board. - HONOURABLE MR. JUSTICE BHARGAV D. KARIA AND HONOURABLE MR. JUSTICE D.N. RAY Appearance : For the Petitioner(s) No. 1: Mr B.S. Soparkar (6851). For the Respondent(s) No. 1,2,3,4: Mr. Varun K. Patel (3802). ORAL ORDER (PER : HONOURABLE MR. JUSTICE BHARGAV D. KARIA) 1. Heard l ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... i) Ground 3-Bogus purchase amounting to Rs. 8,76,48,036/- 8,50,75,315/- (iv) Ground 4-unsecured loan u/s 68 of the Act amounting Rs. 1,21,50,000/- 1,09,50,000/- Revised Total Income 3,52,31,671/- Revised Total Income (Rounded off u/s. 288A) 3,52,31,670/- 3.5 On the basis of the above calculation, it was further ordered to recalculate the tax and interest, credit given for pre-paid taxes, reduced/enhanced demand and issue revised Demand Notice/Challan/Refund Order, as the case may be. 3.6 It also appears from the record that during the pendency of the appeal proceeding, the respondent-department adjusted the refund for the subsequent years for A.Y. 2018-19 to 2023-24 as under: Refunds due for subsequent years are not given AY 2018-19 Rs. 71. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bmitted that subsequently following the CIT(A)-11, Ahmedabad s order dated 13.02.2024, an effect giving order was passed on 04.03.2024, determining total income at Rs. 3,52,31,670/and resulting in a refund of Rs. 6,52,12,608/-. While the CPC has closed the accounting of this matter, the said refund has not been credited to the assessee s account. 2.3 It is submitted that this office has already raised ticket regarding the issue (Ticket numbers 2554632 on 31.07.2024 which was resolved by the CPC with the solution as under - As seen from CPC portal for the PAN and A.Y., refund is held due to an outstanding demand for the same taxpayer, which needs to be addressed by the Taxpayer. However, on verification of the recovery module in the ITBA por ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... etition, the exact amount claimed by the assessee. In order to confirm the same, this office raised another ticket No. 2704958 on 13.12.2024 to ascertain whether the refund was credited to the assessce s account, but no response has been received from the CPC to date. Copy of the said ticket No. 2704958 on 13.12.2024 ia annexed hereto and marked as Annexure-R/2. 2.6 Consequently, based on the data available from the ITBA portal, the giving effect order for the remaining refund amount was re uploaded on 18.12.2024 and duly endorsed by the Range Head, Addl CIT 2(1)}, Ahmedabad on same day. Further, a subsequent ticket No. 2711877 was raised, (copy of which is annexed hereto and marked as Annexure-R/3) and a mail was sent on 18.12.2024 (copy o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Rs. 2,92,83,044/- (Annexure B1 page 11) as per the acknowledge for A.Y. 2017-18. As per the acknowledgement, the petitioner has paid total tax as TDS and TCS and self-assessment tax of Rs. 2,01,35,322/-. (ii) The petitioner, as per the acknowledgement, was liable to pay tax of Rs. 1,01,34,274/- and entitled to refund Rs. 1,00,01,050/- [Rs. 2,01,35,322- Rs. 1,01,34,274/-]. (iii) As per the Order giving effect passed by the respondent-Assessing Officer, the revised total income is rounded of under section 288A at Rs. 3,52,31,670/- (Annexure A page 10). Therefore, calculating tax applying approx rate of 35% subject to verification, the amount of tax payable would come to roughly around to Rs. 1.23 Crores (rounded of). 10. Therefore, the assese ..... X X X X Extracts X X X X X X X X Extracts X X X X
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