Cant adjust entire refund against outstandings, rules HC in relief for taxpayers

By Tnn8 days ago

(This story originally appeared in on May 05, 2021)

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).

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This order comes as a relief, especially for India Inc and high net worth individuals where the amounts at stake are significant. If refunds that are due are fully adjusted against any tax demand, even if the amount demanded has been appealed against, it adversely impacts taxpayers.

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