Tata Steel gets a whiplash

Updated on: Mar 08, 2021

rolls of steel sheet in a plant | Photo Credit: mady70

While dismissing a petition for staying a move to recover income tax and interest of ₹1,223 crore for the years 2009-10 to 2014-15, the Income Tax Appellate Tribunal, Mumbai, has had a few sharp words for Tata Steel.

The Tribunal was particularly not amused that Tata Steel rushed to it directly only when the IT department wanted to adjust a due refund of ₹442 crore against the money it wanted to recover as past dues.

Observing that “at no stage, any seriousness is shown for expeditious disposal of these appeals,” the Tribunal said, “The conduct of the assessee (Tata Steel) in not taking reasonable steps to ensure expeditious disposal of these appears, does not impress us.”

It also noted that Tata Steel didn’t even bother to first approach the Assessing Officer or his superiors with a request for not adjusting ₹442 crore against ₹1,223 crore — instead the company “has directly approached us.” It said, “It is only when administrative remedies are exhausted that the assessee should approach a judicial or quasi-judicial forum.”

Tata Steel has the liberty to file fresh stay petitions later if required but the present appeal has been thrown out of the window.

Published on March 08, 2021
This article is closed for comments.
Please Email the Editor

You May Also Like

Recommended for you