TMI Blog2019 (6) TMI 39X X X X Extracts X X X X X X X X Extracts X X X X ..... the balance outstanding demand in dispute in respect of the AY 2010-11. Accordingly we grant the Stay on the outstanding demand in dispute for the period of 180 days or till the disposal of the aforesaid main appeal, whichever occurs first and also direct the AO not to take any coercive action against the assessee during the stay period or till the disposal of the appeal, whichever occurs first ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... preferred by the assessee, seeking stay of balance outstanding of ₹ 125,00,000/- arising out of penalty proceedings u/s. 271(1) of the Income Tax Act, 1961 (in short Act ) on account of disallowance of interest of expenses of ₹ 223.03 crores and disallowance of professional fees for ₹ 2.50 crores. 2. Before us, Ld. Senior Counsel Shri Ajay Vohra submitted that f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing to levy penalty u/s. 271(1) in the show cause notice; and secondly, on merits also, so far disallowance of interest is concerned, even if it is not allowed u/s. 36(1)(iii), then same needs to be allowed u/s. 57 (iii) as the payment of interest is not in dispute and was directly related to earning of interest and moreover, the assessee is ready to argue the main appeal. In view of above, he re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es below. Keeping in view of the facts and circumstances of the case, we are of the considered view that the assessee has established the prima facie case in its favour and also balance of convenience is in its favour for grant of stay on the balance outstanding demand in dispute in respect of the assessment year 2010-11. Accordingly, in the interest of justice, we grant the Stay on ..... X X X X Extracts X X X X X X X X Extracts X X X X
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