https://www.taxtmi.com/caselaws?id=441539 The Madras HC granted stay of demand notice where the petitioner had submitted four replies explaining transactions, but the respondent issued assessment order claiming sellers had not filed income tax returns, making transactions doubtful. The court held prima facie the petitioner was not liable to submit evidence proving seller's returns or pay 25% of demand while statutory appeal was pending. The court clarified this ruling was limited to the 25% payment issue and would not affect either party's rights in the appeal, which must be decided within six months. en-us Thu, 27 Jul 2023 00:00:00 +0530 Thu, 16 Jan 2025 18:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=441539 The Madras HC granted stay of demand notice where the petitioner had submitted four replies explaining transactions, but the respondent issued assessment order claiming sellers had not filed income tax returns, making transactions doubtful. The court held prima facie the petitioner was not liable to submit evidence proving seller's returns or pay 25% of demand while statutory appeal was pending. The court clarified this ruling was limited to the 25% payment issue and would not affect either party's rights in the appeal, which must be decided within six months. Case-Laws Income Tax Thu, 27 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=441539