« Top Headlines » Open DEMAT Account in 24 hrs  Mock Test Papers Series - I & II for Students appearing in CA Foundation January 2027 Examination.  Income Tax Rules 2026: CBDT Introduces Revised Form 161 for Penalty Waiver, Clarifies Misreporting Categories and Taxpayer Relief  ITR Filing and Income Tax Audit Deadline Extended: 5 Critical Things Taxpayers Must Know  Filing Belated ITR for AY 2026-27? Know Which Losses You Can Carry Forward and Which You May Lose  CBDT Extends Tax Audit Report Deadline to October 21, ITR Filing Last Date to November 21 for AY 2026-27  CBDT Extends AY 2026-27 ITR Filing Deadline for Tax-Audit Cases: New Dates and Key Compliance Details  Foreign Assets Missing From Your ITR? Income Tax Department Opens One-Time Disclosure Window  Tax Audit Deadline September 30: Why AIS, TDS and GST Figures May Not Match Your ITR and What Taxpayers Should Do  Tax audit deadline September 30: Common mistakes taxpayers should avoid  Your ITR says ‘verified’, but the refund hasn’t arrived? 5 reasons why your money could be stuck  Missed the ITR Deadline but TDS Refund Is Due? Here’s How You Can Still Claim Your Money «  71% tax trauma for India Inc: Study... Entry for 4,500 LDC items to be tax-free... » Securities scam: IT dept moves SC against SBI November, 23rd 2007 The Supreme Court will take up on December 3 the income tax department's plea that it should get priority over banks and other creditors while using 'Big Bull' Harshad Mehta's attached assets for clearing their dues. The tax department has challenged a special court's order asking it refund more than Rs 546 crore along with interest at the rate of 9 per cent to the custodian after State Bank of India and Standard Chartered Bank alleged irregularities in assessing Mehta's tax liabilities. Mehta, the kingpin of the 1992 securities scam, allegedly owes Rs 1,743 crore to the tax department for assessment years 1992-1994. An apex court bench headed by Chief Justice K G Balakrishanan ordered status quo till December 3, the next date of hearing, after Additional Solicitor General Mohan Parasaran mentioned the matter. On an application filed by the two banks, the Special Court, which is hearing offenses related to securities scam, had scaled down the priority tax demand from Rs 1,743 crore to Rs 140 crore on the ground that Mehta's assets and the tax demand were disproportionate. The custodian had earlier released Rs 686 crore to the tax department in seven tranches subject to an undertaking by the Revenue Secretary that the amount would be paid back along with interest if directed by the special court. According to the department, it had assessed Mehta's income for 1992-93 and 1993-1994 at Rs 2,014 crore and Rs 1,396 crore respectively, and the assessment for the priority period had resulted in tax demand of Rs 1,743 crore.