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2014 (8) TMI 560 - HC - Income TaxStay of recovery proceedings - tribunal has already rejected the stay application – Held that:- The petitioner was granted sufficient installments - the application for stay of recovery proceedings has been rejected by the Tribunal - The installments initially granted contemplated full payment between October 2013 and February 2014 - the petitioner is granted liberty to pay an amount of ₹ 20.00 lacs, which is for the defaults for the months of April, May, June and July 2014, no later than within a period of one week from today – if the assessee shows his bona fides by complying with the directions, he shall thereafter have a further opportunity to strictly abide by the time schedule for depositing the remaining installments as fixed in the order - on depositing an amount of ₹ 20.00 lacs within a period of one week from today, the prohibitory order which has been issued by the Department, shall remain suspended so long as the petitioner abides by the time schedule fixed for making payment of the outstanding dues – Decided in favour of Assessee.
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