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2015 (12) TMI 1624 - ALLAHABAD HIGH COURTDeposit of interest - the petitioner having deposited the demand made earlier duly for the assessment year 2008-09 - the accrued tax liability/arrears were stayed to the extent of 50 % on payment earliar but the petitioner was required to pay the tax at the prevailing rate for the future period. Held that: - when the writ petition was filed by the petitioner before the High Court the tax that being demanded was for the assessment year 2008-09. The words, "future period" in the order of the Supreme Court would denote any tax liability that would arise or accrue after the date of the order passed by the Supreme Court, i.e., after 18th of January, 2012. - even if any assessment order is passed after 18th of January, 2012 but relates to any assessment year prior to 18th of January, 2012 would come under the category requiring the accrued tax liability/arrears to be paid up to 50% and the balance 50% by way of bank guarantee. The words "future period" would include such demand for the period subsequent to 18th of January, 2012. The impugned demand notice requiring the petitioner to pay further amount towards the interest compound is patently misconceived and based on wrong interpretation of the interim order of the Supreme Court - the petitioner has already deposited 50% of the accrued tax liability alongwith interest for the assessment year 2008-09 and therefore, was not required to pay any further amount - petition allowed - decided in favor of petitioner.
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