Tata Steel: ITAT refuses to stay adjustment of Demand against Refund

Tata Steel Limited Vs DCIT (ITAT Mumbai) 1. By way of these stay applications, the assessee applicant has sought a stay on collection/ recovery of tax and interest demands aggregating to Rs 1,223.83 crores, in the matter of assessment under section 143(3) of the Income Tax Act, 1961, for the assessment year 2009-10 to 2014-15, and also a stay on adjustment of these demands against refund of Rs 442.22 crores due to the assessee. 2. Heard the parties, perused the records. 3. Many of the related appeals are pending with the Tribunal for last several years- as long as 5-6 years in many cases, and ...