Delhi HC Restricts Penalty Imposed by Revenue on Tata Teleservices Ltd

Tata Teleservices Ltd. Vs Principal Commissioner of Income Tax (Delhi High Court) The present writ petitions have been filed challenging orders issued by respondent authority whereby the penalty demand of Rs. 293,28,50,153 for the assessment years 2006-07, 2007-08, 2008-09, 2009-10, and 2010-11 stayed subject to payment of 20% of the said amount. High Court states that, even if the present writ petitions are dismissed at this stage, the maximum amount that the petitioners can be directed to deposit pursuant to the impugned orders and circulars issued by the CBDT would be 20% of the remaining d...