2026 (7) TMI 1167

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....tment of the refund determined by the respondent-revenue for the assessment year 2024-25 against the income tax dues of the petitioner for the assessment year 2022-23. 2. After perusing the record the following undisputed facts have emerged:- (i) Through assessment order dated 30.03.2024, for the assessment year 2022-23, additional income tax @ Rs. 20.39 crores was demanded from the petitioner; (ii) on 29.04.2024, the petitioner challenged the assessment order dated 30.03.2024 through filing of a statutory appeal, during the pendency whereof, on 22.05.2024, the petitioner voluntarily deposited Rs.1 crore; (iii) on 30.09.2024, the petitioner filed an application in its pending appeal for grant of stay of the rec....

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....the Act, the respondent-revenue adjusted the refund of Rs. 19.10 crores, pertaining to the assessment year 2024-25, against the earlier demand of Rs. 20.39 crores pertaining to the assessment year 2022-23. 3. The question that arises for the determination of this Court is as to whether in the light of the afore admitted facts, through the order dated 04.11.2024, passed under Section 245 of the Act, the respondent-revenue could have adjusted the refund determined to be paid to the petitioner for the assessment year 2024-25 against an earlier demand pending against the petitioner for the assessment year 2022-23. 4. Learned counsel for the parties have been heard. 5. Through an assessment order dated 30.03.2024, for the assessment yea....