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2014 (3) TMI 689 - AT - Income TaxApplication for extension – Stay of outstanding demand – Reduction of the claim of deduction u/s 10A of the Act – Held that:- Assessee relied upon CIT vs. Gem Plus Jewellery India Limited [2010 (6) TMI 65 - BOMBAY HIGH COURT] – the decision had not been brought to the notice of the tribunal earlier even when the decision was available - Prima facie balance of convenience goes in favour of the assessee - because the Hon’ble High Court has upheld the assessee’s claim of exemption u/s.10A, even on the disallowances of business expenses and the decision of the Jurisdictional High Court has not been considered by the Tribunal - several extensions of stay of outstanding demand have been granted to the assessee from time to time, primarily for the reason that assessee has deposited the entire tax amount and only part of the interest amount is outstanding and that the assessee has not been in default for not conducting the appeal before the tribunal – thus, stay of the outstanding demand should be extended for further period of six months from the date of issuance of the order or passing of the order by the Tribunal in the appeal – Decided in favour of Assessee.
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