Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2012 (12) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2012 (12) TMI 372 - AT - Income TaxExtension of stay of demand - stay beyond 365 days - T.P adjustment and disallowance u/s 40(a)(i) - held that:- inherent jurisdiction of the Tribunal to grant Interim relief so as to make the ultimate relief effective cannot be curtailed indirectly by Sub-section (2A) of sec. 254 of the Act. At the end of the period of 365 days when the appellant makes an application for extension of the stay, the Tribunal can always consider whether there is any change in the circumstances which would justify extension or modification of the stay The Revenue gets an opportunity to bring to the notice of the Tribunal such changed circumstances - when there is nothing to suggest that delay in disposal of appeal is attributable to the assessee, we extend the period of stay of demand until 31st March, 2012 or until disposal of appeal, whichever earlier - assessee shall not seek adjournment on the date of hearing of the appeal, now fixed for 8.11.2012 and in case of breach of this condition, the stay granted shall be vacated forthwith unless directed otherwise by the Bench. Decided in the case of Hon'ble Bombay High Court in CIT vs.Ronuk Industries Ltd [2010 (11) TMI 461 - BOMBAY HIGH COURT] followed.
|