Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2014 (3) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (3) TMI 844 - AT - Income TaxStay of outstanding demand – Disallowance of broken period interest – Held that:- Assessee contended that already in his own case for the previous years, stay has been granted - Relying upon American Express International Banking Corporation vs. CIT [2002 (9) TMI 96 - BOMBAY High Court] - in A.Y. 2002-03 a similar disallowance was made by the AO on account of broken period interest which was deleted by the CIT(A) and the department did not prefer any appeal against the order of ld. CIT(A) for A.Y. 2002-03 on this issue - the assessee thus has a good prima facie case to succeed in its appeal on the main issue of broken period interest and once it is decided in favour of the assessee, it will result in refund of tax for the year under consideration instead of the present outstanding demand - the balance of convenience lies in favour of the assessee and it is a fit case to stay the outstanding demand as sought by the assessee – thus, the outstanding demand stayed till the disposal of appeal – Decided in favour of Assessee.
|