Monday, May 2, 2016

Demand stayed by ITAT as huge sum was locked up with dept. in relation to disputed tax liability of earlier years

IT/ILT: Where demand was raised on account of transfer pricing adjustment, disallowance of claim u/s 80-IA and disallowance of long term capital loss, in view of fact Tribunal had already granted stay with reference to similar demand raised for earlier assessment years and that huge sums of assessee stood lock up in disputed tax liability of earlier years, stay was to be granted.

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