Carriforward/ refund and interest on penalty

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

25 May 2012 In the month of March 2008 we had receive refund of Rs 150000 and was shown as refund. Up to August 2008 we could get the refunds as they were below Rs. 1 lacs they were refund as per monthly. In month of November we wer liable to pay tax what we did was we have adjusted the blance of March 2008 in the return and went forward. The department now has taken the case for Audit and issued the notice for tax along with interest and penalty and still earlier Rs. 150000 is with the department. Ealier when the returns were file the department has not questioned nor issued any notice for payment

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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25 May 2012 You cannot automatically adjust refund arising in one year against tax liability of another year.

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