#section 220

HC set aside order rejecting Stay of demand in high-pitched assessments

HIGH COURT OF DELHI AT NEW DELHI

W.P.(C) 5149/2014 and CM Nos. 10267-68/2014

CHARU HOME PRODUCTS PVT LTD

versus

COMMISSIONER OF INCOME TAX-1,  NEW DELHI and ORS. 

CORAM:

HON’BLE MR. JUSTICE BADAR DURREZ AHMED

HON’BLE MR. JUSTICE SIDDHARTH MRIDUL

O R D E R

This writ petition is directed against the order dated 06.08.2014   passed by the Additional Commissioner of Income Tax with the approval of…

Budget 2014 propses to levt interest U/s. 220 from the date of expiry of period stated in the notice of demand U/s. 156

Interest payable by the assessee under section 220

Interest under section 220 is proposed to be increased or decreased as consequent to any appeal, rectification or revision from the date of expiry of period stated in the notice of demand under section 156 of the Income Tax Act, 1961. (more…)

AO must give reasonable time to assessee after rejecting stay application before initiating recovery proceedings

CA Sandeep Kanoi

Recently Delhi High Court has in the case of Sony India Pvt. Ltd vs. ACIT held that It is expected of from Assessing Officer, having rejected the stay application, to wait for a reasonable period before he takes coercive steps to recover the amounts since the petitioner, faced with an order rejecting the stay application, may need some time to make arrangements to pay the entire…

Contention of the Assessee :- The action of the petitioner revenue in not only attaching the petitioner’s bank account but also withdrawing the amount of Rs.159.84 crores on 18 November 2013 when the stay application was already fixed for hearing before…