The Tribunal declined to grant stay against recovery proceeding on ground that there were concurrent findings of two quasi-judicial authorities against the assessee by raising valid concerns about the genuineness of the transaction and assessee had no prima facie case to contend that as for the purpose of section 68, it had prima facie discharged its burden or that provisions of section 68 had been patently wrongly invoked. On writ High Court dismissed the petition for stay of recovery.
PPK News Click Studio (P.) Ltd. v. Dy. CIT (2024) 165 taxmann.com 613 (Delhi)(HC) Editorial : Order of High Court is modified, as 30 percent of tax in dispute is recovered, stay is granted till disposal of appeal by Tribunal. PPK NewsClick Studio (P.) Ltd. v. Dy. CIT (2024) 300 Taxman 449 (SC)
S. 220 : Collection and recovery-Assessee deemed in default-Cash credits-Pendency of appeal before Tribunal-Not been able to make out prima facie case in its favour for stay on recovery proceedings and had also not been able to demonstrate financial stringency-Recovery proceedings is not stayed. [S. 220(6), 254(1), Art. 226]
Leave a Reply