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2017 (11) TMI 1614 - ITAT PUNEStay of recovery of outstanding demand - Held that:- Applicant has prima facie case and balance of convenience for granting only partial stay of recovery of outstanding demand. We therefore, grant the stay of outstanding tax demand subject to the following conditions:- a) The applicant is directed to deposit ₹ 18 crores in three installments i.e. ₹ 6 crores by 30.11.2017; ₹ 6 crores by 30.12.2017 and ₹ 6 crores by 15.01.2018. b) The applicant shall furnish the proof of payment of taxes on payment to the Registry; c) In case he fails to deposit the taxes as stated in (a) above, then the case would come for hearing in normal course and not be considered as stay granted matter. d) That out of turn hearing is granted on 18.01.2018 subject to payment of ₹ 18 crores; no separate notice of hearing would be issued by the Registry; e) That the applicant shall not seek frivolous adjournments. If Paper Book is desired to be filed by the applicant, then the same should be submitted well in advance as prescribed in ITAT Rules; f) In case of breach of any of the above conditions, the stay granted shall automatically get vacated and matter would be heard in ordinary course.
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