2023 (10) TMI 1202

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....respondents to transfer the challans standing to the credit of AY 2016-17, along with the applicable interest and refund the excess income tax to the petitioner, and further to direct the respondents to issue Form 5, after accepting manual filing of Form 4 by the petitioner. 2. The petitioner, as the owner of the plot in Poes Garden, Chennai, had entered into a Joint Development Agreement dated 11.09.2013 with one M/s. Bashyam Constructions Private Limited, wherein the petitioner was required to transfer 30% of the UDS in the land to the Developer in exchange for 70% of the built-up area in the proposed construction. In consideration for the transfer, the petitioner had received a sum of Rs. 2.5 Crores on 11.09.2013 and a further sum of ....

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....3,156/-. Since the value adopted by the second respondent for sale consideration of the petitioner under the joint venture was incorrect for the purpose of calculating the capital gains, the petitioner had preferred an appeal against the said order dated 30.12.2016. 5. At this situation, the petitioner had already paid tax to the tune of Rs. 4,44,54,935/- for the assessment year 2016-17 on various dates as mentioned below: S.No BSR Code Date of Deposit Serial Number of Challan Amount (Rs.) 1 222833 05.11.2016 5644 10,00,000/- 2 6390340 15.11.2016 1042 38,00,000/- 3 6390340 15.11.2016 1014 90,00,000/- 4 222833 18.07.2017 1105 1,20,00,000/- 5 222833 08.03.2....

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....anding to the credit of AY 2016-17, along with the applicable interest under Section 244A of the Act to the credit of the tax demand raised as per Form 3 issued as per Section 5(1) and Rule 4 of the Direct Tax Vivad Se Vishwas Act, 2020 and the Direct Tax Vivad Se Vishwas Rules, 2020 respectively, dated 10.02.2021, in respect of Assessment Year 2014-15 and refund the excess income tax to the petitioner, and further direct the respondents to issue Form 5, after accepting manual filing of Form 4 by the petitioner. 8. In reply, the learned counsel for the respondent would submit that the correct year for capital gain was assessment year 2014-15. In the present case, though the notice was issued by the respondent under Section 143(2) of the ....

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....accordance with the Income Tax Act and stated that thereafter, they will pay the amount for the assessment year 2014-15 as per the demand notice. 10. At this juncture, the learned counsel for the petitioner would submit that the department may also explore the possibility of transfer instead of refunding the amount and even if there is no provision in the software, the Department may also take necessary steps to appropriately improve the software. Hence, the appropriate transfer can be made by way of providing credit to the assessment year 2014-15 from the amount available in the credit for the year 2016-17 in the name of the petitioner. 11. The learned counsel for the petitioner would further submit that since they have availed Direc....