Madras HC grants another Opportunity to Explain Unreconciled Turnover Pertains to non-GST items on Pre-deposit of Rs. 50 Lakhs [Read order]

The petitioner was willing to remit Rs. 50,00,000/- as a condition for remand, sought reconsideration

By Navasree A.M - On May 8, 2024 10:00 am - 2 mins read

Retrospective - Settlement - Settlement us 245C(5) of IT Act - Madras HC - TAXSCAN

The Madras High Court has granted another opportunity to the petitioner to explain the unreconciled turnover as they possess relevant documents on a pre-deposit condition of Rs. 50 lakhs. The Petitioner, Prince Foundations Limited received a show cause notice on September 29, 2023, regarding unreconciled turnover amounting to approximately Rs. 58,34,25,862.65. Claiming inability to respond…

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