2018 (7) TMI 1567 - HC - Income Tax

Stay of recovery of the tax payable subject to payment of instalments of ₹ 2.50 Crores per month, of which, the first instalment was to be paid on or before 15.06.2018 and the subsequent instalments on or before 15th of every subsequent month. Income Tax Appellate Tribunal has also directed that if the Revenue seeks adjournment on any ground, the Assessee is entitled to get a blanket stay. Held that - Considering that the principal tax amount claimed is in the region of ₹ 69.00 Crores and odd, we do not deem it appropriate to interfere with the order except to direct that the Income Tax Appellate Tribunal shall hear and dispose of the appeal within six months from date.

Summary

The High Court of Madras upheld the Income Tax Appellate Tribunal's order granting stay of tax recovery subject to monthly instalments of Rs. 2.50 Crores. The Tribunal directed the appeal to be disposed of within six months. The writ petition was disposed of with no costs.