I-T Refund cannot be adjusted by more than 20% of Demand: HC

Vrinda Sharad Bal Vs ITO (Bombay High Court)

The Bombay high court recently held that income tax (I-T) officers cannot adjust the refunds due to taxpayers against outstanding demands in excess of the limits laid down in instructions, circulars and guidelines issued by the Central Board of Direct Taxes (CBDT). he I-T returns for the financial year 2012-13 filed by Vrinda Sharad Bal, a proprietor of a land development firm, was selected for scrutiny. Consequent to this, a tax demand notice of Rs 6.1 crore was raised. The I-T o

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