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2016 (10) TMI 526 - AT - Income TaxStay orders - recovery orders - Held that:- In this case, the assessee has paid substantial amount of ₹ 50 lakhs out of ₹ 1,38,79,161/-, which consisted of ₹ 98,35,011/- and ₹ 40,44,150/- towards tax and interest levied u/s.234A, 234B & 234C of the Act respectively. In view of this, we are inclined to grant conditional stay that the assessee shall pay ₹ 10 lakhs on or before 10.5.2016. Accordingly, recovery of balance amount is stayed for a period not exceeding 180 days from the date of this order or till the disposal of the appeal by the Tribunal, whichever is earlier. Further, we make it clear that the assessee shall not seek any unnecessary adjournment on the date of hearing. If the assessee wants to file any paper book, the same should be filed on or before 10.5.2016. Accordingly, the Stay Petition is disposed of with the above observations.
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