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2011 (10) TMI 546 - BOMBAY HIGH COURTWaiver of pre deposit - petitioner was directed to make part payment of the tax liability - Held that:- Tribunal has duly taken note of the fact that for the assessment year 2007-08 there is a refund to the extent of ₹ 27.74 lacs. The Tribunal, however, had due regard to the total tax liability for the assessment years 2005-06, 2006-07 and 2007-08 which is about ₹ 1.43 crores. Hence, even after taking into account a refund of ₹ 27.74 lacs for the assessment year 2007-08, the direction for deposit of an amount of ₹ 9 lacs for the remaining two years cannot be regarded as arbitrary or contrary to law. The submission which the petitioner has on merits is that the petitioner is entitled to a set-off and that the provisions contained in section 48(2) read with section 48(5) would not be attracted - However, time period to make deposit is extended - Decided partly in favour of assessee.
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