Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2011 (1) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2011 (1) TMI 651 - AT - Income TaxStay Application - Arithmetic adjustment of ± 5% - Computing deduction u/s. 10A - the contention of the assessee that arithmetic adjustment has to be made as provided in statutory provisions merits consideration - Likewise, while computing the deduction u/s. 10A of the Income-tax Act, 1961 the factors which are reduced from the export turnover need to be reduced from the total turnover also - Therefore, the assessee has a prim facie case for grant of stay of recovery of the outstanding amount - Accordingly the recovery of the outstanding amount of Rs.2,64,54,812 is hereby stayed subject to the condition that the assessee shall pay a sum of Rs.20 lakhs every month towards the outstanding amount - The first instalment of Rs.20 lakhs shall be deposited on or before 7.2.2011. Likewise, the other instalments shall be deposited on or before 7th day of every English calendar month till the disposal of the appeal- If the assessee fails to deposit any one of the monthly instalment the stay shall stand automatically vacated without any further reference to this Tribunal - the Stay Application of the assessee is allowed.
|