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2013 (12) TMI 1424 - HC - Income TaxStay of demand - Held that:- As per the CBDT Instruction, which is prevalent as of now is that in the normal course, the payment will not be stayed but can only be done for valid reasons and merely because an appeal has been preferred against the assessment order would not entitle a party to the stay - The petitioner-Trust is admittedly having Rs. 120 Crores in its account and, therefore, is in a position to make the payment - The Tribunal has, while taking into consideration the liquidity position of the petitioner-Trust and also keeping in view the interest of revenue, proceeded to stay 75% of the outstanding demands in dispute and has only required the petitioner to make payment of 25% of the outstanding demand - The petitioner has only been asked to deposit Rs. 11,40,43,550/- on or before 31.12.2013 - On such deposit and production of the original receipt before the Registry, the main appeals of the petitioner have been directed to be fixed in the month of January, 2014 - Decided against petitioner.
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