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2010 (3) TMI 193 - HC - Income TaxRefund - perquisites - The assessee’s employer paid the demand with interest raised by the Assistant Commissioner for failure to deduct tax at source in respect of perquisite value of stock option allotted to its employee who were covered by the employees stock option scheme of the employer and the employer recovered the tax from the employees concerned. Tribunal set aside the order. High Court and Supreme Court passed order against department. Thus the revised return filed by assessee and forwarded to chief commissioner for reconsideration. Chief Commissioner held that- the amount collected from the employer should be refunded only to the employer and the employee should approach the employer to get their refund along with interest. Held- allowing the petition, that having regard to the fact that the assessability of the perquisite value of allotment of stock option was held not justified and not in accordance with law, the question of retention of tax collected by way of tax deduction at source for and on behalf of the individual assessee by the revenue did not arise. Thus the order passed by the Chief Commissioner was liable to set aside and directed to refund the amount.
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