Delay in granting refund for the Asst. Year 2007-08

The Returns of Income for the above Assessment Year have been
furnished by the assessees by 31-7-2007 and 31-10-2007 as per the applicable due
dates of furnishing Returns of Income under S. 139(1) in their cases. As per the
Government policy, such Returns of Income should be processed u/s.143(1) and the
refund, if any, due to the assessees should be granted within a period of four
to six months.

We understand that the task of processing such returns and
granting refund for the above Assessment Year has got delayed for one reason or
the other. In fact, this factual position is borne out in Instruction No. 12 of
2008, dated 5-9-2008. We understand from our members that even till date large
number of cases involving refunds have remained pending for processing, with the
result that the assessees have still not received their refunds for the
Assessment Year 2007-08.

In the present circumstances of global economic slowdown and
liquidity crisis, the assessees would have expected at least to receive their
refunds, so that their hardships in the business get mitigated to that extent.
Therefore, it is utmost necessary that such refunds should be cleared at the
earliest, which will also provide some liquidity to the assessees in these days
of crisis.

In view of the above, we have to request your honour to
kindly use your good offices and take-up the matter with the CBDT for resolving
the issue of granting refunds, so that there is no further delay in receipt of
such refunds.

Thanking you,

Yours faithfully