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2013 (5) TMI 132 - HC - Income TaxPenalty U/s 271(1)(c) of the Income Tax Act, 1961 - Stay of recovery - Held that:- there is nothing to indicate that there was negligence or inaction on the part of the Petitioner in pursuing the appeals. - On these facts, especially having regard to the fact that a stay has been sought in respect of the recovery of penalties under Section 271(1)(c) - We are of the view that an order of dispensation ought to have been granted. Accordingly, we allow the petition by setting aside the impugned order dated 26 February 2013 of the CIT-10, Mumbai, directing the Petitioner to deposit an amount of Rs. 8.85 crores towards the demand on account of penalty. We also direct the CIT(A)-22 before whom the appeals are pending to expeditiously dispose of the appeals preferably within a period of two months from the date on which an authenticated copy of this order is produced on his record - The Petitioner shall appear before the CIT(A) together with an authenticated copy of this order on 1 April 2013 for expeditious disposal of the appeals - Rule is made absolute to the aforesaid extent - We clarify that all the rights and contentions of the parties are kept open.
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