Income Tax - Kingfisher loses 372 crores battle in Supreme Court
YESTERDAY the Supreme Court dismissed SLPs filed by the beleaguered Kingfisher Airlines against the judgement of the Karnataka High Court reported in 2014-TIOL-1533-HC-KAR-IT. The Assessing Officer had demanded an amount of Rs.372,09,44,786 as TDS and interest payable by Kingfisher. The ITAT had remanded the matter to the AO as the Airlines had pleaded that proper opportunity of being heard was not given to the assessee. Against the Tribunal's orders, the Commissioner of Income Tax (TDS) and the assessee filed appeals before the Karnataka High Court.
The High Court dismissed the appeals filed by Kingfisher Airlines and directed that the TDS amounts due should be recovered.
Kingfisher by filed SLPs against the Karnataka High Court order.
The Supreme Court yesterday decided the SLPs.