1. Heard the learned counsel appearing for the petitioner, as well as the learned counsel appearing on behalf of the respondents.

2. It has been stated that the petitioner is working, as an Accounts Executive, in Infosys Technology Limited, Chennai, and he is an assesee on the files of the second respondent. The petitioner had filed the original return of income, for the assessment year 1999-2000, on 25.6.1999, and the return filed by the petitioner had been duly processed by the Assessing Officer concerned.

3. It has been further stated that the employer had deducted tax at source, from the salary of the petitioner and it had been remitted to the department, as per the relevant provisions of the Income Tax Act, 1961. Thereafter, based on the demand raised by the Assistant Commissioner of Income Tax, TDS, Bangalore, on 7.10.1999, for the failure to deduct tax at source, in respect of perquisite value of stock options allotted to its employees, who were covered under the employees Stock Option scheme, the necessary tax had been paid, under Section 201(1) of the Income Tax Act, 1961, along with the interest thereon. Accordingly, the tax amount had been deducted from the sala