High Court overturns lower court and tribunal decisions, petitioner to deposit Rs. 7 lakhs, penalty recovery on hold.

The High Court of Madras set aside the lower court's order and quashed the Sales Tax Appellate Tribunal's decision. The petitioner was required to deposit Rs. 7 lakhs for the assessed tax and provide a bank guarantee for the remaining amount for the appeal process. The penalty recovery was stayed pending the appeal's resolution.

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The High Court of Madras set aside the order of the learned single Judge and quashed the order of the Sales Tax Appellate Tribunal. The petitioner was directed to deposit Rs. 7 lakhs towards the tax assessed and furnish a bank guarantee for the balance amount for the Tribunal to hear and decide the appeal. The recovery of the penalty was suspended until the appeal was disposed of.

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