HC directs Income Tax Dept to refund amounts collected in excess of 20% of disputed outstanding taxes

Religare Finvest Limited Vs DCIT (Delhi High Court)

Learned counsel for the petitioner relies on the judgment dated 03rd August, 2021 passed by this Court in Eko India Financial Services Pvt Ltd vs. ACIT, WP(C) No.5819/2021 wherein under similar circumstances the Respondents were directed to refund the amounts collected in excess of 20% of the disputed outstanding taxes to the Petitioner therein.

Consequently, this Court directs the respondent to verify the facts stated in the two writ petitions and if it finds them to be true and correct then to refund the amount adjusted in excess of 20% of the disputed tax demands for the Assessment Years 2016-17 and 2017-18 to the Petitioner within eight weeks. The respondent is also directed to dispose of petitioner’s rectification application dated 10^th July, 2020 seeking rectification of the assessment order dated 17^th June, 2020 for Assessment Year 2016-17 within eight weeks.

FULL TEXT OF THE JUDGMENT/ORDER of DELHI HIGH COURT

The hearing has been done by way of video conferencing.

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