GENPACT INDIA Vs. ASSISTANT COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) THE writ petitioner seeks direction inter alia that an amount of Rs. 22,04,34,854/- is refundable by virtue of the order of the CIT (A) in respect of AY 2005-06.

(2.) THE petitioner renders IT enabled services and has established STP Units entitled to the benefit under Section-10A of the Income Tax Act, 1961. During the concerned assessment year i.e. 2005-06, the respondent apparently levied penalty under Section-271 (1) (c) to the tune of Rs. 40 Crores for AY 2003-04 stating that the assessee had furnished inaccurate particulars. The petitioner's refund - which it became entitled subsequently on 27.04.2012 - was in respect of AY 2005-06. Aggrieved by the penalty order made by the AO, an appeal was preferred. The petitioner apparently sought for stay of the demand for Rs. 40 Crores levied as penalty, by an application dated 03.05.2012 in its pending appeal (against the order of the AO levying the penalty dated 30.03.2012). This was subsequently followed in several other applications.

(3.) IT is not denied by the Revenue in these proceedings that the procedure prescribed by Section-245 was not followed. What is instead sought to be relied upon is the notice/intimation dated 20.07.2012 stating that the adjustment would be made in respect of AY 2003-04.