A Taxpayer has invested a sum of Rs 1.50 lacs in a TAX SAVER BANK DEPOSIT during FY 2018-19 and claimed eligible exemption under Sec 80 C. He filed his IT return, which was processed. During the FY 2019-20, he is facing some financial crisis and wanted to foreclose the TAX SAVER Bank Deposit .But Bank refused to foreclose quoting that it is TAX SAVER Deposit having a lock in period of 5 years. Whether the Tax payer can pay the Income Tax benefit availed to the Income Tax Department with interest if any and request the Income Tax Department to issue a NO OBJECTION Letter to the Bank to foreclose the Tax Saver Deposit?
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