Please consider the following hypothetical situation :
Mr X is employed with PQR Pvt Ltd.
PQR Pvt Ltd offers its employee Mr X (verbal offer, no written documents) Rs. 8-10 L grant for purchasing a house (by grant I mean, the money is not to be refunded back) in exchange for the condition that Mr X remains associated with the Company as an employee for the next 3-4 years.(I will mention again to writeen agreement in this regard)
4 months later Mr X finds a House he is interested in buying. Accordingly he speaks to the concerned person in the Company and gets a cheque of Rs.2.5 L from the Company and deposits it in his Bank A/c. He also issues a cheque to the builder for the same amount as registration amount.. (Still no agreement/contract signed between PQR Pvt Ltd and Mr X). This amount of Rs.2.5 L has been offered to taxation and appropriate TDS deducted on it for the FY 31-3-2012.
However, 8 months later on 1/11/2012 (after ITR for FY 2011-12 has been filed) Mr X has a change of mind. He finds more attractive employment opportunities and is considering leaving the PQR Pvt Ltd.
Mr X is willing and wants to return the sum of Rs.2.5 L received by him from the Company in case the Company asks for the same.
Lets assume on 1/11/12 he leaves PQR Pvt Ltd and returns 2.5 L to the Company.
Now coming to the question :
The sum of Rs.2.5 L has been offered to taxation and tax has been paid on it, ITR filed. Later on the sum has been paid back to the employer.
Can Mr X get back the tax paid on the sum of Rs.2.5 L , If so, how ?
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