TaxTMI 
TaxTMI 
2026 (9) TMI 714
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....ut a genuine grievance-the petitioner had earned an interest income of Rs. 7,58,90,455/- and as the same was reflected in Form No. 26AS for the assessment year 2016-17. The petitioner filed its return of income for assessment year 2016-17 and offered such income for tax. 2. Later on, the payee or deductor revised such form (26AS) and showed the very same amount in assessment year 2018-19, in place of assessment year 2016-17. The petitioner offered the very same amount (Rs. 7,58,90,455/-) for tax for assessment year 2018-19 again, least realising that the very same amount had already been offered by it for tax for assessment year 2016-17 and that this amount has been reflected in Form 26AS due to earlier Form 26AS for assessment year 2016....
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....as filed on 05.08.2024 and prayed that he be allowed to file a revised return, excluding the aforesaid amount of Rs. 7,58,90,455/- from its income for assessment year 2016-17, as tax has been paid on this amount in assessment year 2018-19. 7. The CIT(IT) vide order dated 09.12.2025 rejected the petitioner's aforesaid application under Section 119(2)(b) of the Act of 1961 by observing that such power to accept revised return beyond six years can be exercised only in extraordinary circumstances, whereas, the assessee has failed to demonstrate existence of any special circumstances. According to the CIT(IT), the delay of 6 years is unexplained and not covered by Circular No. 9/2015 dated 09.06.2015 issued by the CBDT. 8. Mr. Kalra, learn....
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....y reveals that the interest income of Rs. 7,58,90,455/- has been offered for tax in two assessment years, namely, 2016-17 and 2018-19 because the deductor had earlier shown it for assessment year 2016-17 but later revised its Form 26AS and showed it for assessment year 2018-19. 13. The assessee bona fidely filed its return for assessment year 2018-19, as per Form 26AS for assessment year 2018-19. The petitioner realized this fact that it has paid tax on the very same income twice once in assessment year 2016-17 and then for assessment year 2018-19. 14. Having realized such fact, the petitioner tried to invoke all possible remedies available to it, firstly by filing a rectification application under Section 154 of the Act of 1961, whic....
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....ome and not twice. 18. Refusal to grant indulgence to the petitioner has amounted to unjust enrichment on the part of the Union of India. As a consequence whereof, if the petitioner's assertions are correct, then the Union of India has subjected the petitioner to pay tax on two occasions, on the amount of Rs. 7,58,90,455/-, firstly in assessment year 2016-17 and second time in assessment year 2018-19. 19. It is also not in dispute that the petitioner had filed three rectification applications under Section 154 of the Act of 1961 on 04.03.2019, 07.06.2019 and 31.07.2019 - immediately within a year of the end of assessment year 2017-18, which shows that the petitioner-assessee had acted with utmost promptitude, and it was only because o....