9911796707
TMI Blog2024 (7) TMI 228X X X X Extracts X X X X X X X X Extracts X X X X ..... ing statutory appeals - Challenging orders u/s 201/201(1A) - re-assessment proceedings u/s 148 - HELD THAT:- The petitioner is directed to remit a sum of Rs. 15 crore within two weeks from the date of receipt of a copy of this order towards the tax demand under the impugned orders u/s 201/201(1A). Subject to the remittance of the said amount, the orders u/s 201/201(1A) shall be stayed until disposal of statutory appeals to be filed by the petitioner. Such statutory appeals shall be presented by the petitioner within ten days from the date of receipt of a copy of this order and the appellate authority is directed to receive and dispose of the same on merits without going into the question of limitation. The rectification petitions filed by t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... petition was filed on 05.06.2024 and the second on 20.06.2024. The rectifications were filed in respect of interest payments made to the University of Madras, CMDA, educational institutions and the like. He submits that relevant certificates have been submitted in respect of most of these entities. He seeks expeditious disposal of these rectification petitions. As regards the remaining sum of about Rs. 70 crore, he submits that the petitioner is ready to remit a reasonable portion thereof to protect revenue interest in the interregnum. 3. Dr.B.Ramaswamy, learned senior standing counsel, who appears on behalf of the respondents, submits that the time limit specified in Section 154 of the Income Tax Act for the disposal of rectification petit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... copy of this order towards the tax demand under the impugned orders under Sections 201/201(1A) of the Income Tax Act. Subject to the remittance of the said amount, the orders under Sections 201/201(1A) shall be stayed until disposal of statutory appeals to be filed by the petitioner. (ii) Such statutory appeals shall be presented by the petitioner within ten days from the date of receipt of a copy of this order and the appellate authority is directed to receive and dispose of the same on merits without going into the question of limitation. (iii) The rectification petitions filed by the petitioner on 05.06.2024 and 20.06.2024 are directed to be disposed of within three months from the date of receipt of a copy of this order. The petitioner ..... X X X X Extracts X X X X X X X X Extracts X X X X
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