2023 (11) TMI 128

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....with refund an amount of Rs. 380,39,86,658/- due to the petitioner pursuant to the order dated 28.02.2023 [Annexure-J] passed by 1st Respondent on giving effect to the order of the Tribunal, along with applicable interest". Sri T. Suryanarayana, the learned Senior Counsel for the petitioner, and Sri E. I. Sanmathi, the learned counsel for the respondents, are heard for final disposal of the petition in the light of this undisputed facts. 2. The petitioner, after the orders of the Income-Tax Appellate Tribunal on 31.07.2020 in IT(TP)A No. 725/Bang/2018, has the advantage of the Assessing Officer's Remand Report dated 31.03.2022 under the provisions of Section 143(3) read with Section 254 of the Income Tax Act, 1961 [for short, 'the IT ....

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....resaid circumstances, submits that there is no recoverable demand from the petitioner as of this date and therefore there would be no justification for refusing to give refund of the amount determined in the order dated 28.02.2023. Sri E. I. Sanmathi submits that the amount refundable for the subject assessment year has been adjusted towards demands that could be for the Assessment Year 2010-11 and therefore is not refunded. 5. Sri E. I. Sanmathi elaborates that there is a rectification order on 15.06.2018 for the Assessment year 2010-11, and with the petitioner calling in question the assessment order for this Assessment year [and another Assessment year] in the appropriate proceedings before the ITAT, the assessment orders are quashed,....