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2015 (4) TMI 876 - HC - Income TaxStay petition challenged - Held that:- It is not in dispute that at the time of rejecting the stay petition by the first respondent, the petitioner has made a statement before the authority that he is willing to pay the entire arrears amount in instalments. That being so, he cannot now contend that the order passed in the stay petition is wrong. Moreover, though the petitioner has disputed the liability, the demand of ₹ 4,25,40,690/- is payable by the petitioner to the respondent. Admittedly, six months have been lapsed. Further, the accounting year would also come to an end on 31.3.2015. In such circumstances, not inclined to interfere with the order passed by the first respondent. Therefore, I direct the petitioner to pay the aforesaid sum of ₹ 4,25,40,690/- in three equal instalments on or before 31.3.2015. The first of such instalment shall be paid on or before 20.3.2015. The second instalment shall be paid on or before 27.3.2015 and the third and final instalment shall be paid on or before 31.3.2015. With regard to the disputed amount of tax including TDS is concerned, the same is payable by the petitioner subject to the outcome of appeal/rectification. - Decided against assessee.
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