Delhi HC Directs Income Tax Refund Release: Tirupati Buildings Case

Tirupati Buildings And Offices Private Limited Vs CIT (Delhi High Court) Background: The petitioner, Tirupati Buildings And Offices Private Limited, filed a writ petition seeking a direction for the release of a refund amounting to Rs. 87,89,440/- for the Assessment Year (AY) 2018-19. The refund had been adjusted against the outstanding demand for AY 2011-12. Key Points: 1. The petitioner had a total demand raised against them for AY 2008-09, 2009-10, and 2011-12, amounting to Rs. 14.90 crores. 2. As per an Office Memorandum (OM) dated 31.07.2017, the petitioner was entitled to seek a stay of ...