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2016 (6) TMI 535 - HC - Income TaxRefund of tax paid due to loss brought forward - losses for the earlier year could be decided only after final decision by the tribunal that Royalty was not taxable - Held that:- The assessee agreed to said royalty income being substantially taxed in the assessment year 1996-1997. This communication dated 21.4.2002 was made by the assessee after the Commissioner(Appeals) dismissed the appeal and confirmed the addition made by the Assessing Officer. The department acted on such request of the assessee, deleted the protective assessment for the year 1997-1998 and adjusted the refund for the assessment years 1997-1998 and 1998-1999 against the tax demand of ₹ 3,76,74,095/-. Under no circumstances, the assessee can resile from such position and now claim that the entire amount of ₹ 4,94,20,595/- should be deleted from the income also for the assessment year 1996-1997. Quite apart from the principle of estoppal acting against the petitioner, one must realise that the petitioner is in a writ petition which is entirely a discretionary remedy. When we find from the facts that the petitioner has no basis for contending that the income of ₹ 4,94,20,595/- of royalty cannot be in law taxed for the assessment year 1996-1997, merely because the Assistant Commissioner of Rajkot passed an order which in plain terms baffles us and on closer scrutiny is not what the Tribunal ever directed, we would certainly not be persuaded to grant relief to the petitioner for sum of ₹ 4,94,20,595/- with interest which even otherwise is not due to it.
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