Delhi HC restricts Set-off of Tax Refunds Against Disputed Demands at 20%

Jindal Stainless LTD Vs DCIT (Delhi High Court) Introduction: The Delhi High Court recently passed a noteworthy judgment concerning tax adjustments and refunds in the case of Jindal Stainless LTD vs DCIT (Deputy Commissioner of Income Tax). The verdict addressed the excessive adjustment of outstanding tax demands against refunds due to Jindal Stainless LTD, emphasizing that such adjustments should not exceed 20% of the disputed amount. The Background: Jindal Stainless LTD argued that the revenue department incorrectly adjusted the refund payable for Assessment Year (AY) 2022-23 against deman...