1991 (9) TMI 7

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.... year 1989-90, the petitioners had claimed a refund of tax which included, inter alia, refund of a sum of Rs. 49,65,878, being the tax deducted at source by two companies, viz., LML Fibres Limited and Prakati Synthetics Ltd., in respect of the interest paid by these two companies to the petitioners. However, this amount of tax deducted at source has been paid into the treasury at later dates in....

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....sions of section 143(1)(a)(ii) and section 143(3) would get mixed up and make confusion and uncertainty." In the present case, neither for the assessment year 1989-90 nor for the assessment year 1990-91, the petitioners have been given any credit for the tax of Rs. 49,65,878 which has been deducted at source and paid into the treasury by the two companies. In addition, the petitioners have been....

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....65,878 twice over. Mr. P. S. Jetly, learned counsel appearing for the respondents, submitted that refund of the said amount will be given to the petitioners at the stage of final assessment. Looking, however, to the provisions of the amended section 143(3) and the Central Board of Direct Taxes Circular which is binding on the respondents, refund is required to be granted at the stage of section....