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2023 (8) TMI 1078 - HC - Income TaxStay of Disputed demand - AO in adjusting the refund due to the petitioner/assessee for AY 2022-23, against the disputed demands for AYs 2011-12, 2012-13, and 2014-15 - HELD THAT:- Under the Office Memorandum (“OM”) dated 29.02.2016, as amended by OM dated 31.07.2017, AO should have, ordinarily, in terms of para 4A adjusted not more than 20% of the disputed demand, considering the fact that an appeal concerning the disputed demand was, admittedly, pending before the CIT(A). Higher amount can only be retained, only if, as per the aforementioned OMs, the assessee’s case falls in the situation captured in para 4B (a). No material has been furnished by the respondent/revenue which would suggest that the petitioner/assessee’s case would fall within 4(B)(a). Given this position, the writ petition is disposed of with the direction to the respondents/revenue to release the amount, along with applicable interest, which is in excess of 20% of the disputed demand, concerning the aforementioned AYs. We may also note (something we have recorded in our order dated 14.07.2023), according to the petitioner/assessee, the excess amount which is available with the respondents/revenue. Respondents/revenue will make their own calculation and ascertain whether the amount indicated by the petitioner/assessee is the excess amount. Thus, the excess amount beyond 20%, along with applicable interest, will be released to the petitioner within four (4) weeks of the receipt of a copy of the judgement.
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