2017 (1) TMI 821 - SCH - Income Tax

Stay of recovery - Penalty under section 271E - violation of the provisions of section 269T - Held that - Learned counsel for the appellant says that the tax due has already been paid. Out of a penalty amount of 14 crores an amount of 1.6 crores has already been recovered from the appellant. There shall be a stay of further recovery of penalty till the disposal of the appeal. HC ref case - 2015 (11) TMI 71 - KARNATAKA HIGH COURT

Summary

The Supreme Court granted leave in the case. The appellant has paid the tax due and a partial penalty amount. A stay on further penalty recovery was ordered until the appeal is disposed of.