9911796707
TMI Blog2025 (4) TMI 292X X X X Extracts X X X X X X X X Extracts X X X X ..... amy, learned Senior Standing Counsel who takes notice on behalf of the respondent. With consent, the main Writ Petition is taken up for final disposal at the stage of admission itself. 2. The challenge in this Writ Petition is to the order of rejection passed by the first respondent in the stay petitions dated 07.05.2024 and 08.05.2024 filed by the petitioner for the assessment years 2017-18 to 2023- 24. 3. Mr.P.S.Raman, the learned Senior Counsel for the petitioner would submit that a show cause notice dated 07.11.2023 was issued by the second respondent-Department for the AYs 2017-2018 to 2023-24 alleging that the petitioner had not deducted tax at source on applicable rates on the total interest pay outs during the aforesaid assessment ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... along with consequential interest of Rs. 2,70,44,05,644/- which is totalling to a sum of Rs. 7,71,38,94,000/-. 3.2 The learned Senior Counsel for the petitioner would submit that though the petitioner filed Appeals challenging the order passed by the second respondent dated 28.02.2024 and pending disposals of the same, sought for a Stay of the impugned demand, by filing Petition for Stay, the first respondent rejecting the Stay Petitions on the ground that the demand could be stayed only on payment of 20% of the disputed tax. The learned Senior Counsel would submit that the imposition of 20% of the disputed tax would comes around to a sum of Rs. 126 Crore, which the petitioner finds to be onerous. 4. Dr.B.Ramaswamy, learned Senior Standi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cord. 7. The petitioner-assessee, viz., M/s.Tamil Nadu Power Finance and Infrastructure Development Corporation Ltd., is wholly a State owned Public Sector Undertaking. The petitioner-Company is engaged in the business of finance. In terms of Section 133 A(2A) of the Act, a survey was conducted in the premises of the petitioner on 30.10.2023, pursuant to which, a show cause notice dated 07.11.2023 was issued by the respondent-Department for the AYs 2017-2018 to 2023-24 alleging that the petitioner had not deducted TDS at applicable rates on the total interest pay outs during the aforesaid assessment years. The petitioner, in response to the said show cause notice, filed a reply/objections in a detailed manner, along with supportive documen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o a sum of Rs. 126 crore, considering the submission of the learned counsel for the petitioner that the petitioner has voluntarily come forward to deposit Rs. 30 Crore, to which even the learned Senior Standing Counsel for the respondents is not agreable, this Court, considering the vital fact that the petitioner is a tate Owned Corporation and it plays an anchor role to the development of Power Sector Projects in the State of Tamil Nadu, as it executes an array of welfare schemes of the Government of Tamil Nadu like i) Child Protection Scheme, Covid-19 Protection Scheme, Oru Kalla Pooja Schemes, etc., also, the Pension Funds of the State of Universities under Old Pension Scheme and Contributory Pension Scheme are deposited only with the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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