Case Law Details
Best India Tobacco Suppliers Pvt. Ltd. Vs CIT (Andhra Pradesh High Court)
The important aspect for consideration in this writ petition is when the assessee files declaration under Karvivad Samadhan Scheme, 1998 (for short, ‘the KVS scheme’) i.e., whether the tax refund should be adjusted towards the arrears of the tax proper first and balance towards interest and penalty or conversely towards interest and penalty first and balance towards arrears of tax.
Held by High Court- writ petition is allowed and the respondent authorities are directed to adjust the tax refundable to the petitioner for the year 1996-97 of Rs.4,86,970/- to the tax arrears instead of penalty and accordingly, re-determine the amount payable by the petitioner under Section 90(1) of the Finance (No.2) Act, 1998 and grant certificate expeditiously, but not later than four (4) weeks from the date of receipt of a copy of this order.
FULL TEXT OF THE JUDGMENT/ORDER OF ANDHRA PRADESH HIGH COURT
The important aspect for consideration in this writ petition is when the assessee files declaration under Karvivad Samadhan Scheme, 1998 (for short, ‘the KVS scheme’) i.e., whether the tax refund should be adjusted towards the arrears of the tax proper first and balance towards interest and penalty or conversely towards interest and penalty first and balance towards arrears of tax.
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