Refund cannot be adjusted against demand U/s 245 without intimation

Milestone Real Estate Fund Vs ACIT (Bombay High Court) Facts – Petitioner is a trust and has been granted certificate of registration by SEBI as Venture Capital Fund and hence eligible for exemption u/s 10(23FB). AO adjusted refund for AY 2012-13 and 2014-15 against the demand of AY 2016-17. Petitioner sought unconditional stay of the entire demand since the issue of petitioner’s claim for eligibility u/s 10(23FB) was already held by the CIT(A) for AY 2014-15 and by the tribunal for AY 2013-14. Held – As the issue stands concluded in favour of the petitioner by the orders of the appellat...