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HC granted partial relief to state-owned corporation, staying impugned tax order contingent on depositing Rs. 30 crore within three weeks. The court considered the corporation's critical role in executing state welfare schemes and managing pension funds. While rejecting full stay of the 20% tax demand (approximately Rs. 126 crore), the court allowed the petitioner to challenge the order before the Appellate Authority, balancing fiscal obligations with the corporation's public service mandate. The conditional stay provides temporary reprieve while preserving the respondents' right to pursue tax recovery.
HC granted partial relief to state-owned corporation, staying impugned tax order contingent on depositing Rs. 30 crore within three weeks. The court considered the corporation's critical role in executing state welfare schemes and managing pension funds. While rejecting full stay of the 20% tax demand (approximately Rs. 126 crore), the court allowed the petitioner to challenge the order before the Appellate Authority, balancing fiscal obligations with the corporation's public service mandate. The conditional stay provides temporary reprieve while preserving the respondents' right to pursue tax recovery.
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