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2013 (5) TMI 156 - HC - Income TaxStay - Disallowance of depreciation on intangibles & tangible - Demand U/s 40A(2) - Interest U/s 220(2) of the Income Tax Act, 1961 - Held that:- It is necessary to note that out of the total tax demand of ₹ 15,81,63,498/-, an amount of ₹ 1,62,40,170/- already stands paid as it was adjusted against the refunds due for the assessment year 2008-09. The balance tax payable would then be ₹ 14,19,23,328/-, out of which, pursuant to the order passed by the Tribunal, a sum of ₹ 50 lacs has already been paid by 5th February, 2013, which leaves a balance of ₹ 13,69,23,328/- and as against this, an amount of ₹ 13,36,32,605/- is only on account of enhancement made of ₹ 30.44 crores which, prima facie, does not appear to be backed by law - We feel that the petitioner has an excellent prima facie case and the Tribunal ought to have granted stay of the demand raised by the revenue. We set aside the impugned order passed by the Tribunal to the extent of balance payments other than the payment of ₹ 50 lacs already made by the petitioner - the rest of the demand is stayed till the Tribunal disposes of the appeal - The writ petition stands disposed of - Any observations made in this order are only prima facie observations and will not be taken into account by the Tribunal while considering and deciding the appeal - We expect that the Tribunal shall decide the appeal expeditiously. The parties have assured that they shall not take any adjournments.
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