https://www.taxtmi.com/caselaws?id=433573 The High Court granted a stay on the tax demand raised pursuant to an assessment order under the Income Tax Act, 1961 for the assessment year 2017-18. The petitioner's contention that the assessment order was erroneous was upheld by the court, which found that the application of Section 68 to the transaction was improper. The court stayed the demand until the next hearing, directing the Appellate Authority to expedite the appeal process within four weeks. The petition was disposed of in favor of the petitioner, ensuring a prompt resolution through the National Faceless Appeal Centre. en-us Thu, 19 Jan 2023 00:00:00 +0530 Thu, 02 Feb 2023 20:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=433573 The High Court granted a stay on the tax demand raised pursuant to an assessment order under the Income Tax Act, 1961 for the assessment year 2017-18. The petitioner's contention that the assessment order was erroneous was upheld by the court, which found that the application of Section 68 to the transaction was improper. The court stayed the demand until the next hearing, directing the Appellate Authority to expedite the appeal process within four weeks. The petition was disposed of in favor of the petitioner, ensuring a prompt resolution through the National Faceless Appeal Centre. Case-Laws Income Tax Thu, 19 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=433573