2021 (9) TMI 781

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....f the Income Tax (including interest) adjusted in excess of 20% of the disputed tax demand arising in the case of the Petitioner for the assessment years 2016-17 and 2017-18 against the refunds due for the Assessments Years 2018-19 and 2019-20 along with the applicable interest. Petitioner also seeks direction to the respondent to dispose of the application dated 10th July, 2020 filed by the Petitioner under Section 154 of the Income Tax Act, 1961 [for short 'the Act'] seeking rectification of the assessment order dated 17th June, 2020 for the Assessment Year 2016-17. 2. Learned counsel for the petitioner states that under Section 220(6) of the Act, the Assessing Officer has been conferred with the power to grant stay on recovery of outs....

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....10,50,36,036/- the respondent adjusted the entire tax demand of Rs. 54,20,04,981/- excluding the interest under Section 220(2) of the Act. He also states that while 20% of the disputed amount for the Assessment Year 2017-18 was Rs. 48,54,63,006/- the respondent recovered Rs. 54,99,73,789/-. 5. Learned counsel for the petitioner relies on the judgment dated 03rd August, 2021 passed by this Court in Eko India Financial Services Pvt Ltd vs. ACIT, WP(C) No.5819/2021 wherein under similar circumstances the Respondents were directed to refund the amounts collected in excess of 20% of the disputed outstanding taxes to the Petitioner therein. 6. Issue notice. 7. Mr. Sunil Agarwal, learned counsel for the Revenue accepts notice. He states t....

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....ing demand should be recovered from the petitioner-assessee at this stage in accordance with paragraph 4(B) of the office memorandum dated 29th February, 2016. Consequently, this Court is of the view that the respondent is entitled to seek pre-deposit of only 20% of the disputed demand during the pendency of the appeal in accordance with paragraph 4(A) of the office memorandum dated 29th February, 2016, as amended by the office memorandum dated 25th August, 2017. 13.Accordingly, the respondent no.1 is directed to refund the amount adjusted in excess of 20% of the disputed demand for the Assessment Year 2017-18, within four weeks...." 9. Keeping in view the aforesaid mandate of law as well as the fact that refunds have been adjus....