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2014 (7) TMI 802 - AT - Income TaxStay application – Addition u/s 68 – Held that:- The merits of the various additions shall be appropriately examined only during the course of hearing of the appeal yet in so far as it is necessary to evaluate a prima facie case for the purposes of adjudicating the petition - the assessee company is facing financial difficulties as its net worth is eroded, having been referred to the BIFR - the assessed income is substantially in variance with income returned by the assessee - assessee returned a loss in its return of income whereas the assessment has been made at a positive figure which represents addition made u/s 68 of the Act and against such income the business loss carried forward has also not been allowed to be set-off - the balance outstanding demand deserves to be stayed – Say granted.
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