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2016 (12) TMI 1086 - HC - Income TaxAmounts of advance tax paid adjustment while determining the balance - settlement of tax payable - Held that:- The major bulk of the demands appear to have been made on 30.03.1995, i.e. much after the advance tax payments were due. Furthermore, these amounts were to be adjusted towards outstanding arrears for previous years. That such interest arrears existed is not in dispute. Therefore, the petitioners are not correct in contending that the amounts of advance tax paid had to be necessarily adjusted while determining the balance. The dispute which has remained pending for long does not show that any substantial injustice was done warranting exercise of discretion. Concededly, the petitioner Inter Craft appears to have deposited the modified amount of ₹ 68,61,775/- during the pendency of these proceedings. In its case the claim would, therefore, undoubtedly not only involve interpretation of provisions of the Income Tax Act at the risk of doing violence to them but would also include an intricate exercise and mathematical calculation. Likewise in the case of Old Village, too, the argument is not tenable. The propositions that the petitioners advance are unsound in law and have no basis under the Scheme. Once the statute clarified that amounts paid towards tax are not to be deemed "unpaid" for any reason, the normal provisions which had applied, when they did- during the course of assessment, could not have been reversed or given a go bye, which is what is asked by these petitioners. Doing so would be contrary to law. For the foregoing reasons, this Court holds that the petitions are bereft of merit and are accordingly dismissed.
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