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2014 (4) TMI 741 - AT - Income TaxStay application – Claim for deduction u/s 10B of the Act – Out of turn hearing - Held that:- It is necessary to evaluate the balance of convenience in order to dispose of the stay application - Be that as it may, on the aspect of the outstanding demand, the adjustment of MAT credit in terms of section 115JAA of the Act sought by the assessee is still not determinate, the same is before the Assessing Officer – thus, the AO is directed to consider the assessee’s plea for grant of MAT credit claimed to be available for assessment years 2008-09 and 2009-10 and only thereafter determine the net demand outstanding for the year under consideration – no specific order has been passed on the application seeking stay on the recovery of outstanding demand - also, the Registry is directed to post the appeal of the assessee for hearing on an out-of-turn basis before the regular Bench - Decided partly in favour of Assessee.
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