2026 (5) TMI 1838

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....ereinafter referred as the "Act"). Learned Counsel for the petitioner submits that the return of income for the assessment year 2017-18 has been filed declaring gross total income of Rs. 9,96,90,630/- and Rs. 8,17,83,833/- as book profits under Section 115JB of the said Act. The petitioner received intimation order under Section 143(1) of the said Act on March 26, 2019 disallowing Rs. 55,67,241/- by making an addition of Rs. 42.79,671/- to the book profit of the petitioner in the computation under Section 115JB of the said Act. Being aggrieved by the order dated 26th March, 2019, the petitioner preferred an appeal before the commission of Income Tax (Appeals). Subsequently, an order of assessment under Section 143(3) has been passed o....

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.... Transfer Pricing Officer, as the case may be,] if satisfied, may allow an additional period of six months to give effect to the order: Provided further that where an order under section 250 or section 254 or section 260 or section 262 or section 263 or section 264 requires verification of any issue by way of submission of any document by the assessee or any other person or where an opportunity of being heard is to be provided to the assessee, the order giving effect to the said order under section 250 or section 254 or section 260 or section 262 or section 263 or section 264 shall be made within the time specified in sub-section (3).] It is submitted by the petitioner that as per Section 153 of the said Act, the Assessing Offic....

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.... the computation annexed to the representations dated 29-10-2020 along with interest. 27. The Hon'ble Supreme Court in Shelly Products (supra), while examining the effect of the failure to make an order of assessment and the right to claim refund has observed as follows in paragraph 35 after holding that even if the tax paid is found to be less than that payable, no further demand can be made for recovery of the balance amount when a fresh assessment is barred. The Hon'ble Supreme Court, in other words, has observed that the tax paid by the assessee must be accepted as it is and if any amount is paid in excess of the admitted tax liability, the same shall be refunded to the assessee since its retention may offend Article 26....