https://www.taxtmi.com/caselaws?id=363866 The court modified an interim order in a first appeal under the Income Tax Act, 1961, reducing the payment percentage from 50% to 20% in a conditional order under Section 68. Cooperative Banks, the appellants, faced financial challenges and potential closure due to the order. Despite the assessee's counsel advocating for a blanket stay and committing to providing necessary details, the Standing Counsel opposed it, alleging potential money laundering. The court directed the assessees to produce deposit details promptly, mandating a 1% tax addition deposit within a month, without granting a blanket stay, to proceed with the appeal. en-us Tue, 10 Jul 2018 00:00:00 +0530 Thu, 19 Jul 2018 06:09:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=363866 The court modified an interim order in a first appeal under the Income Tax Act, 1961, reducing the payment percentage from 50% to 20% in a conditional order under Section 68. Cooperative Banks, the appellants, faced financial challenges and potential closure due to the order. Despite the assessee's counsel advocating for a blanket stay and committing to providing necessary details, the Standing Counsel opposed it, alleging potential money laundering. The court directed the assessees to produce deposit details promptly, mandating a 1% tax addition deposit within a month, without granting a blanket stay, to proceed with the appeal. Case-Laws Income Tax Tue, 10 Jul 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=363866