Key Event Details
Goa Carbon Limited received an order dated 13.07.2026 from the Hon'ble Bombay High Court, Goa Bench, in Writ Petition No. 446 of 2026. The order recorded the passing of a Rectification Order dated 06.07.2026 by the Deputy Commissioner of Income Tax, Circle-1(1), Panaji, Goa under Section 154 of the Income-tax Act, 1961, and the consequent withdrawal of the writ petition by the company.
Background and Timeline
The company had originally filed a rectification application under Section 154 of the Income-tax Act, 1961 on 29.05.2012 before the Assistant Commissioner of Income Tax, Circle-1(1), Panaji, Goa. This application sought rectification of an Order Giving Effect dated 18.07.2011 on two grounds: (i) failure to give proper effect to directions contained in the order dated 18.03.2011 passed by the Income Tax Appellate Tribunal, Panaji Bench in ITA No. 43/PNJ/98; and (ii) erroneous levy and recovery of interest under Section 234D of the Income-tax Act, 1961, which the company claimed was not applicable to its case.
The company filed follow-up representations on 25.05.2019 and 25.07.2025. As the rectification application remained undisposed despite considerable time, the company filed Writ Petition No. 446 of 2026 before the Bombay High Court, Goa Bench.
Outcome and Financial Impact
During the hearing on 13.07.2026, the Revenue's senior standing counsel placed on record the Rectification Order dated 06.07.2026, which disposed of the company's rectification application. As a result, a refund of ₹61,60,980/- has become due to the company.
The Rectification Order was uploaded on the company's Income Tax Portal on 14.07.2026 at 8:15 PM. The High Court order was published on the court's website on 15.07.2026.
Current Status
The company is in the process of complying with necessary formalities to obtain the refund amount of ₹61,60,980/-.