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Andhra Bank questions IT dept action
A two-judge Bench of the High Court at Hyderabad comprising Justice R Subash Reddy and Justice Dr B Shiva Shankara Rao admitted a writ plea filed by Andhra Bank questioning the action of the authorities in imposing tax on money recovered by it from a defaulting company.
Hyderabad: A two-judge Bench of the High Court at Hyderabad comprising Justice R Subash Reddy and Justice Dr B Shiva Shankara Rao admitted a writ plea filed by Andhra Bank questioning the action of the authorities in imposing tax on money recovered by it from a defaulting company.
The bank filed a petition questioning the order of the Commercial Tax Officer, Tirupati imposing tax of Rs 4 crore on recovery of Rs 57 crore on sale of plant, machinery and vehicles belonging to Sri Venkateswara Sponge and Power Pvt Ltd. The bank, in its writ petition, contended that the authorities mechanically divided the recovered amount of Rs 57 crore as from sale of vehicles and plant and machinery. Senior Counsel Narender Reddy argued that no tax was leviable on either heads.
