TMI Blog2013 (12) TMI 1424X X X X Extracts X X X X X X X X Extracts X X X X ..... 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. - CWP No. 28766 of 2013, CWP No. 28767 of 2013 - - - Dated:- 26-12-2013 - Augustine George Masih And Surinder Gupta,JJ. For the Petitioner : Mr. Rohit Sud, Advocate, ORDER Augustine George Masih, J. By this order we propose to decide two writ petitions i.e. CWP Nos. 28766 and 28767 of 2013 preferred by the peti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ere a direction was issued to the Appellate Authority i.e. Commissioner of Income Tax (Appeals) for considering prayer for stay within one month of the receipt of the order for the assessment in question for the above referred two years. Thereafter, the notice dated 25.08.2009 for recovery of tax assessed from the petitioner was made, which was challenged by filing CWP No. 13613 of 2009 by the petitioner, which was disposed of vide order dated 08.02.2010 (Annexure P-8) by directing the Commissioner of Income Tax (Appeals) to take a decision on the stay application and the appeal of the petitioner in accordance with law. The matter with regard to the assessment is still pending. Thereafter, another notice dated 07.11.2013 directing the petit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aving Rs. 120 Crores in its account and, therefore, is in a position to make the payment. 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 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 total comes to Rs. 45,61,74,194/- for the assessment years 2004-05 and 2005-06 and the p ..... X X X X Extracts X X X X X X X X Extracts X X X X
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