I-T Dept moves to Bombay HC against tribunal’s Rs 194 crore relief to M&M

The Appeal has been filed against the order of the Income Tax Tribunal allowing relief to the company on various disallowances and additions made by the Income Tax Department," Mahindra & Mahindra said in a filing.

New Delhi: The Income Tax (I-T) Department has filed an appeal before the Bombay High Court against the order of the I-T Tribunal allowing relief to Income Tax on various disallowances and additions to the tune of Rs 194.73 crore made by the department.

“Income Tax Department has filed an appeal under the provisions of Section 260A of the Income Tax Act, 1961 before the High Court of Bombay for the Assessment Year 2010-11. The Appeal has been filed against the order of the Income Tax Tribunal allowing relief to the company on various disallowances and additions made by the Income Tax Department,” Mahindra & Mahindra said in a filing.

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“Based on the company’s assessment, the company is hopeful of a favourable outcome and does not reasonably expect the outcome of the appeal to have any material impact on the company,” it added. The disputed tax amount is Rs. 194.73 crores, the company said.