The Tax Publishers2019 TaxPub(DT) 7316 (SC)

INCOME TAX ACT, 18961

Section 261 Section 115-O

Where the assessee preferred SLP to appeal against the judgment of Madras High Court in Cognizant Technology Solutions India (P) Ltd. v. Dy. CIT [W.A. No. 2063 of 2019 & CMP No. 13893 of 2019, dt. 6-9-2019] : (2019) 418 ITR 576 (Mad) : 2019 TaxPub(DT) 6848 (Mad-HC), whereby the High Court held that there was not any error in the order of Single Judge with respect to deposit made during pendency of interim order [W.P. No. 7354 of 2016]. It was only an interim arrangement directed to be made pending the appeal. However, Single Judge had dismissed writ petition having given findings on merit both on fact and law, and in such view of the matter, Single Judge was not right in going to the merit while granting liberty to file an appeal the supreme court noted that It is a matter of record that pursuant to Order, dated 3-4-2018 passed by the Single Judge of the High Court of Judicature at Madras in Writ Petition No. 7354 of 2018, a sum of Rs. 2806,40,15,294 stands deposited and invested in the form of fixed deposit receipts.Considering the facts and circumstances on record, the court deemed it appropriate to list the matter for final disposal on 14-11-2019.

Appeal (Supreme Court) - Special leave petition - Buy-back of shares - Applicability of section 115-O

Assessee preferred SLP to appeal against the judgment of Madras High Court in Cognizant Technology Solutions India (P) Ltd. v. Dy. CIT [W.A. No. 2063 of 2019 & CMP No. 13893 of 2019, dt. 6-9-2019] : (2019) 418 ITR 576 (Mad) : 2019 TaxPub(DT) 6848 (Mad-HC), whereby the High Court held that there was not any error in the order of Single Judge with respect to deposit made during pendency of interim order [W.P. No. 7354 of 2016]. It was only an interim arrangement directed to be made pending the appeal. However, Single Judge had dismissed writ petition having given findings on merit both on fact and law, and in such view of the matter, Single Judge was not right in going to the merit while granting liberty to file an appeal.Held: It is a matter of record that pursuant to Order, dated 3-4-2018 passed by the Single Judge of the High Court of Judicature at Madras in Writ Petition No. 7354 of 2018, a sum of Rs. 2806,40,15,294 stands deposited and invested in the form of fixed deposit receipts.Considering the facts and circumstances on record, the court deemed it appropriate to list the matter for final disposal on 14-11-2019.

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