A Division Bench of the Hyderabad High Court on Wednesday granted conditional stay in favour of Deccan Chronicle Holdings Ltd. (DCHL) against Income Tax dues, provided it paid Rs.720 crore to the I-T Department.
The bench, comprising Justice Dilip B. Bhonsale and Justice A. Ramalingeswar Rao, was dealing with a DCHL plea that challenged the action of the I-T Department slapping dues of Rs.1,441 crore. The bench said DCHL could pay Rs.360 crore as cash and furnish a bank guarantee for the remaining Rs.360 crore by March 31. Only then would the stay on all further coercive proceedings be operational.