SC dismisses Kingfisher plea against tax demand
The Supreme Court Friday dismissed a petition by business baron Vijay Mallya's Kingfisher Airlines challenging the Karnataka High Court order directing it to deposit 50 per cent of the amount demanded by the income tax department and provide a bank guarantee for the balance.
Dismissing the petition, a bench of Justice R.M. Lodha, Justice J. Chelameswar and Justice Madan B. Lokur said the tax demand raised by the income tax department pertained to tax deducted at source from the payments made to its staffers by the KFA.
As it dismissed the plea, the court also turned a cold-shoulder to the plea by senior counsel Harish Salve seeking the adjournment of the hearing for another three weeks to enable the airlines to mobilise funds to meet the tax demand.