2022 (2) TMI 822

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....ordinates, from enforcing or giving effect the order bearing No.ITBA/COM/F/17/2020-2021/1026999296(1) dated 29th April 2020 issued by the second respondent until the disposal of the Appeal No.ITA.No.CIT(A), Chennai-17/10011/2020-2021 on the file of the first respondent, and for a period of 30 days thereafter, and also direct the fourth respondent to release its lien on all the fixed deposits in the Schedule below. 2. The Petitioner had been issued with an order under Section 115 (O) of the Income Tax Act, 1961 on 22.03.2018 in respect of certain transactions arising out of buy-back and payment of amounts to the persons from the shares were purchased. Pursuant to the directions from this Court in order dated 18.04.2015 under Sections 391 ....

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....n the matter; (d). The matter shall thereafter be decided on merits by the concerned authority within two months from today; (e). Pending such consideration, as also till the period to prefer an appeal from the decision on merits is not over, the interim order passed by the Single Judge of the High Court on 03.04.2018 and as affirmed by this Court vide its order dated 14.10.2019, shall continue to be in operation; and (f). The amount of Rs. 495,24,73,287/- deposited towards payment of tax and the amount of Rs. 2806,40,15,294/- which stands deposited and invested in the form of Fixed Deposit Receipts shall be subjected to the decision to be taken by the concerned Authority on merits or to such directions as may be ....

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....en is being exercised and considered, the amount would exceed more than 20 per cent. 11. The learned Senior Counsel for the petitioner submits that the petitioner has already a sum of Rs. 495,24,73,287 crores pursuant to the interim direction of the Learned Single Judge of this Court and a sum of Rs. 8,98,01,63,318/- as withholding tax and then the TDS and the respondents are exercising the leing of Rs. 29,56,84,89,997/- (Principle of Rs. 2806,40,15,294/-) cannot be countenanced. 12. The learned Senior Counsel submits that even if adverse orders are passed, the petitioner is entitled to take the issue further appeal before the Appellate Tribunal, therefore, under no circumstances the amount can exceed 20 per cent. 13. Today when th....