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2012 (11) TMI 837 - ITAT MUMBAIStay of recovery - penalty under section 271(1)(c) of the Income Tax Act – – Held that:- there was adequate disclosure of the facts in the notes to the return of income about the interest income of Rs. 8.10 crores receivable from MBPL and the Assessee’s action in not having been considered as income by the assessee. As to whether the stand of the assessee was correct or not is not relevant in the context of penalty proceedings. - there is a prima facie case made out by the assessee. The assessee has already wound up its business activities. - the bank balance of the assessee as on 31/12/2011 is only Rs. 3,95,471/-. - Keeping in view the existence of a prima facie case, balance of convenience and hardship, there should be a stay of recovery of outstanding demand pending disposal of the appeal of the assessee by the Tribunal or for a period of six months from to-day whichever is earlier. - Stay granted.
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