https://www.taxtmi.com/caselaws?id=244528 The court allowed the petition challenging the rejection of a stay application for a tax demand of Rs.9.00 crores pending appeal. The petitioner, a stock brokerage firm, contested the disallowance of expenditure under Section 40A(2)(b) of the Income Tax Act, arguing for the applicability of different tax provisions and justifying the payments made. The court found merit in the petitioner's arguments, directing the petitioner to deposit Rs.60,67,131 within four weeks and granting a stay on recovery during the appeal process. The court emphasized adherence to legal provisions and principles in considering stay applications and tax liabilities. en-us Fri, 07 Feb 2014 00:00:00 +0530 Fri, 28 Feb 2014 11:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=244528 The court allowed the petition challenging the rejection of a stay application for a tax demand of Rs.9.00 crores pending appeal. The petitioner, a stock brokerage firm, contested the disallowance of expenditure under Section 40A(2)(b) of the Income Tax Act, arguing for the applicability of different tax provisions and justifying the payments made. The court found merit in the petitioner's arguments, directing the petitioner to deposit Rs.60,67,131 within four weeks and granting a stay on recovery during the appeal process. The court emphasized adherence to legal provisions and principles in considering stay applications and tax liabilities. Case-Laws Income Tax Fri, 07 Feb 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=244528