In Brief
Maharashtra Industrial Development Corporation, a statutory corporation, challenged the dismissal of its writ petition against income tax demands totalling over Rs. 1,000 crores for assessment years 2007–13. The Income Tax Commissioner had directed 15% deposit in instalments and attached the company's current bank accounts. The Supreme Court, without addressing the tax merits, granted interim relief: it ordered the tax department to withdraw the approximately Rs. 400 crores already attached, required the corporation to keep its Rs. 1,000 crores term deposit as security, and prohibited further attachments pending the ongoing appeal before the Commissioner of Income Tax (Appeals), which was directed to decide the matter within one month.
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