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2014 (3) TMI 1155 - AT - Income TaxSeeking stay of the outstanding demand - HELD THAT:- A total foreign exchange gain of ₹ 776.114 lacs has arisen to the assesse for the relevant year. Of the same, ₹ 23.11 lacs is admittedly on revenue account, while the balance ₹ 753.03 lacs is on the ECB loan utilized for acquiring a capital asset. The assessee has with regard thereto made out a prima facie case before us. As against the demand relatable to the gain on revenue account, as informed, the Revenue has already compensated itself by annexing the assessee’s bank account, appropriating over ₹ 16 lacs. Under the circumstances, therefore, we consider it a fit case for grant of stay for the balance demand of little over ₹ 350 lacs. So, however, on a query by the Bench with regard to the non-fund security, with a view to safeguard the interest of the Revenue, the ld. AR agreed not to liquidate its investments (outstanding at ₹ 702.05 lacs as on CGU Logistic Limited vs. ITO 31.12.2013/PB pg.74) to that extent. In view of the foregoing, we grant stay.
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