https://www.taxtmi.com/caselaws?id=34491 The Supreme Court upheld the Special Court's decision to wait for the CIT (Appeals) decision on income tax liability before distributing diverted funds. The Court dismissed the Bank's applications to withdraw funds based on heirs' commitment to argue the case promptly. The CIT (A) was granted a stay for six months to dispose of the Income Tax Appeal efficiently to avoid delays. The Court directed timely disposal of the appeal and instructed not to replace the current CIT (A) until a final decision is reached to prevent a denovo trial. en-us Tue, 25 Aug 2009 00:00:00 +0530 Wed, 09 May 2012 11:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=34491 The Supreme Court upheld the Special Court's decision to wait for the CIT (Appeals) decision on income tax liability before distributing diverted funds. The Court dismissed the Bank's applications to withdraw funds based on heirs' commitment to argue the case promptly. The CIT (A) was granted a stay for six months to dispose of the Income Tax Appeal efficiently to avoid delays. The Court directed timely disposal of the appeal and instructed not to replace the current CIT (A) until a final decision is reached to prevent a denovo trial. Case-Laws Income Tax Tue, 25 Aug 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=34491