TaxBuzz – ITAT empowered to extend stay without mandating payment – Delhi ITAT in MSIL March 16, 2021
Published in: TaxBuzz
We are pleased to share with you a copy of our in-house publication – “TaxBuzz…”, wherein we have analysed the recent landmark decision of the Tribunal in the case of Maruti Suzuki holding the amendment in section 254(2A) requiring deposition of 20% of the demand or furnishing security of adequate amount is only applicable to stay sought and granted for the first time on or after 01.04.2020. The Tribunal held that the amended law is not applicable while granting extension in cases where stay had been granted before 01.04.2020.
The decision brings much needed clarity regarding the prospective applicability of the amended provisions governing grant and extension of stay by the Tribunal and comes as a major relief to taxpayers in whose case stay was granted prior to the amendment.
To read the TaxBuzz, click at the ‘Download Newsletter.
We trust that you will find the same useful.
Looking forward to receiving your valuable feedback.
For any details and clarifications, please write to: