2013 (9) TMI 1124 - SC - Income Tax

Summary

Issues involved: Tax liability, payment of tax, interest on tax, deposit amount, stay on demand.

The judgment addressed multiple civil appeals regarding tax liabilities and payments. In the first set of appeals, the appellant, M/s Ansal Housing & Construction Ltd., had a principal tax liability of Rs. 2.30 crores, which increased to about Rs. 8.72 crores after adding interest. The appellant had already paid Rs. 9 crores as tax based on treating the disputed income as business income. The court, after considering the facts, directed the appellant to deposit Rs. 2.30 crores with the Revenue within four weeks, and upon this deposit, the demand under the impugned order would remain stayed.

In another set of appeals with similar issues, the court found that the facts were slightly different. After hearing the senior counsel for the assessee and the counsel for the Revenue, the court ordered the assessee to deposit 50% of the demand under the impugned orders within eight weeks. Upon this deposit, the recovery of the demand under the impugned orders would remain stayed. The prayer for interim relief was disposed of accordingly.