Delayed instalment under the Voluntary Disclosure Scheme may still be refundable or adjustable, subject to application before the competent authority.

Payment under the Voluntary Disclosure of Income Scheme, 1997 had to be made within ninety days of the application. A third instalment paid after the due date did not satisfy the scheme requirement, in line with the Supreme Court's settled position. Even so, the payer remained entitled to seek refund or adjustment of the belated amount. The proper course was to move the competent Commissioner of Income-tax, who was required to decide the application in accordance with the law declared by the Supreme Court.

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Issues: Whether the petitioner, having paid the third instalment beyond the prescribed period under the Voluntary Disclosure of Income Scheme, 1997, was entitled to refund or adjustment of that instalment and consequential relief.

Analysis: The payment under the scheme was required to be made within ninety days from the date of application. The third instalment was admittedly paid after the due date. In view of the governing legal position already settled by the Supreme Court, belated payment did not satisfy the scheme requirement, but the payer remained entitled to seek refund or adjustment of the amount paid beyond time. The proper course was for the petitioner to apply to the competent Commissioner of Income-tax, who would then act in accordance with the law declared by the Supreme Court.

Conclusion: The petitioner was entitled to seek refund or adjustment of the delayed third instalment, and the competent authority was directed to decide such application in accordance with law.

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