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| The Tax Publishers2020 TaxPub(DT) 4287 (Mum-Trib) INCOME TAX ACT, 1961
Section 226
Where assessee instead of depositing the amount as directed by the Tribunal order, filed applications seeking direction to AO to adjust outstanding refund of the earlier assessment years, considering depressed economic scenario and financial crises triggered by COVID 19 pandemic, assessee was granted leverage to comply with the condition mentioned in stay order by way of adjustment of refund due from revenue department.
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Recovery - Stay of demand - Consideration of Covid-19 pandemic situation -
Assessee filed stay applications for assessment years 2012-13, 2013-14 and 2014-15, respectively seeking direction to AO to adjust the refund due to the assessee in assessment year 2008-09 and 2011-12. Held: Assessee instead of depositing the amount in compliance of Tribunal Order in Stay Applications, approached AO to adjust refund for assessment years 2008-09 and 2011-12 against the amount to be deposited by the assessee in acquiescence of the Tribunal's order. Purportedly, AO adjusted the refund due to the assessee for assessment year 2011-12 but did not adjust refund due to the assessee for assessment year 2008-09. Though, Tribunal directed assessee to deposit amount, keeping in view the depressed economic scenario and financial crises triggered by COVID 19 pandemic, assessee was granted leverage to comply with the condition mentioned in stay order by way of adjustment of refund due from revenue department.
REFERRED : Sanjay Chamanlal Munshi v. ITO 2020 TaxPub(DT) 619 (Mum-Trib).
FAVOUR : In assessee's favour.
A.Y. : 2012-13 to 2014-15
IN THE ITAT, MUMBAI BENCH
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