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| Exchange Received Time 23/03/2018 15:04:22 Exchange Disseminated Time 23/03/2018 15:04:26 Time Taken 00:00:04 | In continuation to our letter dated May 24, 2017 on the captioned subject and disclosures provided in the Annual Report of the Company for FY 2016-17, the applications for extension of stay of demand has been rejected by Assistant Commissioner of Income Tax ('ACIT') vide its letter dated 06/03/2018 for Assessment Year (AY) 2009-10, 2010-11, 2011-12 and 2014-15, and by Principal Commissioner of Income Tax -6 ('PCIT-6') vide its letter dated 16/03/2018 for AY 2007-08, 2008-09, 2012-13 and 2013-14 and the Company has been asked to pay 20% of the total outstanding demand. Copy of the said letters are enclosed herewith as Annexure-1 and 2.
The Company has filed review petitions to PCIT-6 against the order of ACIT and to Chief Commissioner of Income Tax (CCIT) against the order of PCIT-6.
Also, the Company has received a show cause notice under section 221(1) of the Income Tax Act, 1961 for non-payment of outstanding tax demand, a copy of which is enclosed herewith as Annexure-3.
The Company herein has filed two separate writ petitions before the Hon'ble Delhi High Court on March 22, 2018, seeking extension of stay of demand vide Diary No. E-92839/2018 for AY 2007-08, 2008-09, 2012-13 and 2013-14and E-92864/2018 for AY 2009-10, 2010-11, 2011-12 and 2014-15.
Based on the legal advise, the Department's stand is unlikely to withstand argument, however the information is being disclosed as a good corporate governance practice.
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