https://www.taxtmi.com/caselaws?id=366344 The court held that the petitioner's return was valid despite initial non-payment of tax, as subsequent payment rectified the defect. The petitioner was not entitled to a full refund of tax paid, only the excess over admitted liability could be refunded under Section 240(b) of the Income Tax Act. The court emphasized that the annulment of assessment did not affect the admitted tax liability. The terms "total income" and "undisclosed income" were interpreted to uphold the payment of tax on admitted income. The court dismissed the petition, citing precedent that tax on admitted income is not refundable upon annulment of assessment. en-us Tue, 28 Aug 2018 00:00:00 +0530 Wed, 30 Jan 2019 12:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=366344 The court held that the petitioner's return was valid despite initial non-payment of tax, as subsequent payment rectified the defect. The petitioner was not entitled to a full refund of tax paid, only the excess over admitted liability could be refunded under Section 240(b) of the Income Tax Act. The court emphasized that the annulment of assessment did not affect the admitted tax liability. The terms "total income" and "undisclosed income" were interpreted to uphold the payment of tax on admitted income. The court dismissed the petition, citing precedent that tax on admitted income is not refundable upon annulment of assessment. Case-Laws Income Tax Tue, 28 Aug 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=366344