Allowing the petition, the Court held that the failure to comply with the mandatory requirement of prior intimation under section 245 would make the entire adjustment of refund of the assessment years 2016-17, 2017-18 and 2019-20 towards the tax dues of the assessment year 2014-15 illegal. Directed to grant refund within four weeks with accumulate interest (AY.2016-17, 2017-18, 2019-20)
G. E. Power India Ltd. v. ACIT (2023)458 ITR 450 /(2024) 158 taxmann.com 173 (Bom)(HC)
S. 245 : Refunds-Set off of refunds against tax remaining payable-Failure to comply with provision-Entitle to refund with interest if any in accordance with law. [S. 237, 244A(1), 244A(IA), Art.