Supreme Court: Assessee must deposit disputed tax. Central Govt may refund. Deadlines set for filing documents.

The Supreme Court ruled that sub-section (2) of Section 73A of the Finance Act, 1994 is mandatory, requiring the assessee to deposit disputed tax collected. The Central Government may refund the amount to the person who bore the tax incidence. The case was listed for further proceedings in August 2022, with deadlines set for filing necessary documents.

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The Supreme Court held that sub-section (2) of Section 73A of the Finance Act, 1994 is mandatory. The assessee must deposit disputed tax collected, with provisions for assessment/adjudication. Central Government may refund the amount to the person who bore the tax incidence. Notice issued, returnable in 6 weeks. Counter affidavit due in 3 weeks, rejoinder in 2 weeks. Listed for August 2022.

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