Madras HC Grants Interim Stay in Cognizant’s Tax Case Appeal against ITAT Order

Cognizant Technology Solutions India Private Limited Vs ACIT (Madras High Court) Introduction: The appellant, Cognizant Technology Solutions India Private Limited, has approached the Madras High Court challenging the order dated 13.09.2023 passed by the Income Tax Appellate Tribunal (‘D’ Bench, Chennai) in ITA No.269/Chny/2022 for the Assessment Year 2017-18. The appeal relates to the taxation of the consideration paid by the appellant for the purchase of its own shares under a sanctioned Scheme. The appellant has sought interim stay against recovery proceedings initiated by the In...