2024 (7) TMI 1630

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..... T-RES) - -
Income Tax
HON'BLE MR JUSTICE S SUNIL DUTT YADAV For the Petitioner: (By Ms. Tanmayee Rajkumar., Advocate). For the Respondents: (By Sri. E I Sanmathi., Advocate). ORAL ORDER (PER: HON'BLE MR JUSTICE S SUNIL DUTT YADAV) The petitioner has sought for directions to the respondents to refund an amount of Rs. 1,99,98,090/- being the demand raised for the assessment ye .....

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..... noticing that refund was granted upon processing the return for the assessment year 2023-24 and determination of refund of Rs.1,99,98,090/-, the said refund was adjusted for the demand as regards the assessment year 2015-16 and 2016-17. 4. It is the contention of the petitioner that the entirety of refund was adjusted and in light of their application for stay, if the demand for 2015-16 and 2016 .....

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..... f would be adjustment of refund to an extent of 20% of the demand for the year 2015-16 and 2016-17. Once adjusted, the remaining amount of 80% of refund adjusted towards demand requires to be reversed by crediting the same to the petitioner. Accordingly, the third respondent is directed to refund the amount of 80% of the demand for the assessment year 2015-16 and 2016-17 as already been adjusted. .....

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