Setback to Tata Steel: ITAT refuses to grant stay on Recovery of Tax and Interest demands to Tune of Rs 1,223.83 cr [Read Order]

Tata Steel - ITAT - recovery of tax - interest - taxscan

The Income Tax Appellate Tribunal (ITAT), Mumbai Bench refused to grant stay on recovery of tax and interest demands to the Tune of Rs 1,223.83 crores.

The assessee, Tata Steel has sought a stay on collection/ recovery of tax and interest demands aggregating to Rs 1,223.83 crores, in the matter of assessment under section 143(3) of the Income Tax Act, 1961, for the assessment year 2009-10 to 2014-15, and also a stay on adjustment of these demands against refund of Rs442.22 crores due to the assessee.

The coram headed by the vice president, Pramod Kumar said that many of the related appeals are pending with the Tribunal for last several years- as long as 5-6 years in many cases, and the matters continue to get adjourned for one reason or the other- including many specific requests for adjournments by the assessee. At no stage, any seriousness is shown for expeditious disposal of these appeals.

“Today, however, the assessee is in this stay petition as the Assessing Officer proposes to adjust refund of Rs 442.22 crores against these pending demands. The assessee has not even approached the Assessing Officer or his supervisory authorities with prayer not to adjust the said refund and has directly approached us. Neither the conduct of the assessee nor the approach of the assessee is appropriate. It is only when administrative remedies are exhausted that the assessee should approach a judicial or quasi-judicial forum. In any case, the conduct of the assessee, in not taking reasonable steps to ensure expeditious disposal of these appeals, does not impress us,” the ITAT while refusing to grant the stay observed.

Subscribe Taxscan AdFree to view the Judgment

Support our journalism by subscribing to Taxscan AdFree. We welcome your comments at info@taxscan.in


Related Stories