Erroneous compulsory deposit refunds available after application and verification, with interest and possible tax scrutiny. Erroneous deposits under the Compulsory Deposit Scheme may be refunded by deposit offices after an applicant files a duplicate application specifying deposit details, reasons and income evidence, and produces the original receipt and pass book. Deposit officers must verify the deposit and supporting documents and may allow refund with interest at the prevailing Post Office Savings Bank rate. Income-tax Officers may scrutinise refund claims during assessment and initiate penal action where improper claims have been allowed under the Act and the Scheme.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Erroneous compulsory deposit refunds available after application and verification, with interest and possible tax scrutiny.
Erroneous deposits under the Compulsory Deposit Scheme may be refunded by deposit offices after an applicant files a duplicate application specifying deposit details, reasons and income evidence, and produces the original receipt and pass book. Deposit officers must verify the deposit and supporting documents and may allow refund with interest at the prevailing Post Office Savings Bank rate. Income-tax Officers may scrutinise refund claims during assessment and initiate penal action where improper claims have been allowed under the Act and the Scheme.
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