Calcutta HC Orders Refund as Section 245 Adjustment Exceeded 20% of Disputed Demand

P. S. Srijan Height Developers Vs ACIT (Calcutta High Court) The Calcutta High Court considered a writ petition challenging recovery of disputed tax demand for assessment year 2018-19 through adjustment of refunds under Section 245 of the Income Tax Act, 1961. The petitioner sought refund of Rs.1,16,96,443 adjusted in excess of 20% of the disputed demand along with interest. The petitioner, a partnership firm, had filed its return for AY 2018-19 declaring income of Rs.1,16,24,230. After scrutiny assessment under Sections 143(3) and 144B, total income was assessed at Rs.6,60,76,120 by order dat...