Summary
- The Bombay High Court has granted interim protection to Humuza Consultants by staying the recovery of a disputed income-tax demand, citing a prima facie high-pitched assessment.
- For AY 2017-18, the assessee's declared income was Rs. 68.33 crore, while the assessed income soared to Rs. 461.72 crore due to additions under Section 68.
- The Court directed the Appellate Authority to decide on pending applications and the substantive appeal within three months, emphasizing timely resolution without deliberate delays from the assessee.
- This ruling highlights potential changes in how high-pitched assessments are handled under CBDT Instruction No. 1914, signaling a shift in taxpayer protections.
Join the discussion ā sign up to comment, upvote, and save articles.