Refund eligibility cannot be denied merely because the disputed amount was not separately shown in the balance sheet.

Refund eligibility was upheld where the assessee had shown a substantial amount as recoverable from the department in its balance sheet and supported that position with a Chartered Accountant's certificate. The Tribunal held that there was no legal requirement for the specific disputed amount to be separately reflected as recoverable in the balance sheet for refund purposes. On that basis, the revenue's objection based solely on the balance-sheet presentation was found unsustainable and the challenge was rejected.

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Issues: Whether the revenue's challenge to the refund sanction could succeed on the ground that the disputed amount was not separately shown as recoverable from the department in the balance sheet.

Analysis: The respondent had shown a substantial amount as recoverable from the department in the balance sheet and had also obtained a Chartered Accountant's certificate to that effect. The Tribunal found that there was no requirement in law that the specific disputed amount had to be separately reflected as recoverable in the balance sheet for refund eligibility.

Conclusion: The revenue's appeal was found to be without merit and was rejected.

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