2024 (10) TMI 369 - SCH - Income Tax

Conditional stay order directing payment of 20% of total tax demand for multiple assessment years under the Income Tax Act, 1961 . - HELD THAT - We dispose of this Special Leave Petition by reserving liberty to the petitioner herein to file a review petition before the Division Bench of the High Court. As petitioner submitted that till the initial consideration of the review petition for any interim or final order, there may be stay of the impugned directions. It is needless to observe that the review petition shall be filed on or before 15.10.2024 before the High Court, which shall then take up the review petition for the purpose of considering the interim prayers on or before 04.11.2024. Both parties are directed to maintain status quo till 04.11.2024. Pending application(s) shall stand disposed of.

Summary

The Supreme Court allowed a Special Leave Petition, granting the petitioner the liberty to file a review petition before the High Court. The review petition must be filed by 15.10.2024, and interim prayers will be considered by the High Court by 04.11.2024. Both parties are directed to maintain status quo until 04.11.2024.