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Income tax commissioner appeals - against u/s 143(3) order


LAKSHMI KANTH (TAX CONSULTANT)     13 December 2019

LAKSHMI KANTH
TAX CONSULTANT 
 10 likes  336 points

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Sir. with regard to the above I prefer an appeal,hence any pre-deposit is to be made? kindly advice.

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ajeet singh   13 December 2019

ajeet singh

 33 likes  1090 points

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20percent of demand raised and u can apply for stay before cit/ao/

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rama krishnan   13 December 2019

rama krishnan

 956 likes  10382 points

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There's no requirement of any predeposits but as said by Mr. ajeet, you are required to pay 20% of tax demand and apply for stay for recovery of demand and if stay granted there won't be any enforcement from ITD to collect the tax demand raised by 143(3) order

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Kapadia Pravin   14 December 2019

Kapadia Pravin

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In an important ruling, the Supreme Court has allowed Income Tax Department to accept deposits of less than 20% of the dispute amount.

This lesser deposit means for seeking a stay, the taxpayer will have to pay less deposit.

In its judgement, the apex court (CIVIL APPEAL NO. 6850 OF 2018) clarified that irrespective of the OMs (office memorandum) from CBDT, the tax authorities, depending on facts of individual cases, can grant deposit orders for an amount less than 20% of the tax demand. 

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rama krishnan   14 December 2019

rama krishnan

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@ kapadia, in ITD circular itself there's a provision that if assessee wants to pay tax demand less than 20% depending upon the merits of his case or if AO feels that tax payment in excess of 20% is required, depending upon the issues, the assessee's stay application can be referred to jurisdictional CIT for his perusal

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Kapadia Pravin   15 December 2019

Kapadia Pravin

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🖕 Yes Sir


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