Exemption from paying advance tax - Seeking permission to ...

Income Tax

April 10, 2024

Exemption from paying advance tax - Seeking permission to prosecute appeal against order of assessment without having to pay the advance tax u/s 249(4) - The High Court acknowledged that the petitioner's case fell within the proviso of Section 249(4)(b) of the 1961 Act. - To maintain the appeal, the petitioner was instructed to remit a total sum of Rs. 12 crores against the demands in the order of assessment. This amount was to be paid in installments, with Rs. 25 lakhs due by March 31, 2024, and the rest in equal monthly installments starting from April 15, 2024. - Failure to comply with the payment conditions would empower the Department to proceed with the recovery of the assessed amounts as per the order.

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