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2010 (12) TMI 734 - AT - Income TaxStay application - It is also observed that the sum of Rs. 9.54 crores has already been recovered from the assessee which is more than 40 per cent of the tax demand originally raised against it - The liquidity position of the assessee also is not very favourable in as much as its current payables as on today are more than the receivables by a sum of Rs. 12 crores and even the bank account has an overdraft balance of Rs. 3.25 crores - Any further recovery of outstanding demand thus, is likely to cause a genuine hardship to the assessee and may have an adverse effect on its routine business - Hence, the balance of convenience clearly lies in favour of the assessee and it is a fit case to grant the stay of entire outstanding demand - Thus, the stay application of the assessee is allowed.
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