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2019 (7) TMI 1222 - MADRAS HIGH COURTStay petition - prima facie case - substantial amount already paid - HELD THAT:- In the instant case, we find that on objections being filed by the assessee, the Assessing Officer disposed of the objections and passed an order on 10.11.2017. Therefore, we are of the prima facie view that the CIT(A) ought to have considered the validity of the reopening and not rejected the appeal on the ground that the authorized representative of the assessee participated in response to the notice issued u/s 148. This, in our considered view, would be sufficient for the present to hold that the assessee has made out a prima facie case. Coming to the next aspect as regards the balance of convenience is concerned, the learned counsel for the assessee relied upon a decision of the Kolkata Bench of the Tribunal in respect of one Ravindra Sanghai (HUF) [2012 (5) TMI 811 - ITAT KOLKATA] and submitted that it also pertains to dealing of shares in the company M/s.Multiplus Resources. In the said case, the Tribunal ruled in favour of the assessee by order dated 22.05.2012. Thus, we find that the balance of convenience, at this stage, would lean in favour of the assessee. Total tax paid by the assessee is ₹ 19,98,004/- out of the tax demand of ₹ 28,20,927/- which comes to nearly 71% of the demand. If interest on the tax is added, then the amount which has been paid by the assessee would be little more than 42%. Thus, going by the payment effected by the assessee towards the tax component, we find that the interest of the Revenue is sufficiently safeguarded. That apart, the assessee had requested for an early hearing of the appeal raising various contentions including the contention that the Chennai Tribunal has remanded similar matters for further verification. Payment effected by the assessee, thus for, that is prior to the passing of the interim order by the Tribunal and upon compliance of the payment of first instalment totalling a sum of ₹ 19,98,004/- would sufficiently safeguard the interest of the Revenue. Accordingly, the respondent need not insists upon any further payment till the disposal of the appeal and the balance tax and interest payable by the assessee shall remained stayed till the disposal of the appeal filed by the assessee before the Tribunal.
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