High Court halts IT action on Ramoji

High Court halts IT action on Ramoji The Income Tax department issued five notices to Margadarsi Financiers, owned by media baron Ramoji Rao, since July 9, to show cause why penalty should not be imposed on the firm for alleged irregularities in accepting cash deposit from various individuals in violation of Section 269 SS of the RBI Act.

Ramoji Rao challenged the notices in the High Court. A division bench of the AP High Court comprising Justice T. Meena Kumari and Justice Ramesh Ranganathan on Wednesday granted an interim stay on all further proceedings pursuant to notices issued by the Income Tax department to Margadarsi Financiers.

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