ITAT, Mumbai Bench refused to grant a stay on recovery of tax and interest demands to 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 1,223.83 crores, in the matter of assessment u/s 143(3) of ITA, 1961, for the assessment year 2009-10 to 2014-15, and also stay on adjustment of these demands against refund of 442.22 crores due to assessee. The coram headed by the vice president, Kumar said that many of related appeals are pending with Tribunal for the last several years- as long as 5-6 years in many cases and matters continue to get adjourned for one reason or other- including many specific requests for adjournments by the assessee. At no stage, any seriousness is shown for expeditious disposal of these appeals. “The assessee is in this stay petition as Assessing Officer proposes to adjust refund of 442.22 crores against these pending demands. The assessee has not even approached Assessing Officer or his supervisory authorities with prayer not to adjust the said refund and has directly approached us. Neither 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 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,” ITAT while refusing to stay observed.
Source- Tax Scan