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2014 (9) TMI 430 - HC - Income TaxValidity to grant refund u/s 93 of KVSS Correctness of depreciation - Whether the Tribunal was right in not holding that correct depreciation allowed by the AO dates back to the original Assessment Held that:- Once an assessee voluntarily invokes the KVSS, 1998 and had paid the tax liability in terms of the provisions of the KVSS, 1998, he should abide by the provisions of the KVSS, 1998 - He is not entitled to resile from such determination and seek refund it runs counter to Section 93 of the KVSS, 1998, which emphatically states that amount paid shall not be refundable under any circumstances - assessee claims refund of the amount, which claim is barred - assessee proceeded to opt for the KVSS, 1998 and paid the tax as determined to conclude the lis between the assessee and the department - it will not lie in the mouth of the assessee to turn around and claim refund referring to earlier assessment years - in terms of Section 93 of the KVSS, 1998, the assessee cannot seek refund of amount paid under the KVSS, 1998 Decided against assessee. Revision u/s 263 Requirement to fulfill conditions Held that:- As it has been already held that u/s 93 of the KVSS, 1998, the assessee cannot seek refund of amount voluntarily paid under the KVSS, 1998, the order passed u/s 154 of the Act by the AO is erroneous and prejudicial to the interest of the Revenue - The twin conditions stipulated u/s 263 of the Act for invocation of provision by the Commissioner are fulfilled as the order of the AO is erroneous and prejudicial to the interests of the Revenue, as it runs counter to Section 93 of the KVSS, 1998 Decided against assessee.
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