THE ORIGINAL ASST WAS COMPLETED U/S 143(3) AND REFUND WAS DETERMINED IN THE YEAR 2016.HOWEVER REFUND WAS NOT PAID.
THEREAFTER 154 WAS SOUGHT FOR MISTAKE APPARENT ON RECORD. THE 154 ORDER IS ALSO ACCEPTED AND REFUND WITH INTEREST 244A IS DETERMINED. SINCE THE REFUND IS MORE THAN ONE LAKH, IT IS SENT TO JCIT OFFICE FOR APPROVAL. THE ASSESSEE NEEDS TO FILE UNDER VSV SCHEME.
IF THE ASSESSEE FILES THE APPLICATION UNDER VSV, WILL THE INTEREST 244A DETERMINED U/S 154 BE ANNULIFIED, SINCE THE VSV CONTEMPLATES, NO INTEREST WILL BE GIVEN FOR TAXES ALREADY PAID