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2017 (4) TMI 1139 - AT - Income TaxStay on collection/ recovery of the disputed demands - Held that:- Coming to our view so far as prima facie merits of the appeal, about which we must be satisfied before granting a stay on related demands impugned before us, are concerned, suffice to say that, on the face of it, the appeal before us does not appear to be frivolous appeal, and based on our understanding, on the basis of this limited discussion, the assessee, therefore, has a prima facie arguable case. The assessed income in this case is more than seventy times the returned income, and the impugned additions are in respect of contentious points. In our considered view the balance of convenience is in favour of partial stay on collection/ recovery of disputed demands. We, therefore, deem it fit and proper to grant a stay on collection/ recovery of the disputed demands, for a period of six month from the date of this order, till pronouncement of the order on the related appeal, or till further orders- whichever is earlier, on the condition that (a) the assessee will deposit a sum of ₹ 60 crores within two weeks from the date of this order being pronounced in the open court, the assessee will pay further amount of ₹ 20 crores within four further weeks, i.e. six weeks from the date of this order, and yet another ₹ 20 crores in four more weeks, i.e. ten weeks from the date of this order; (b) the assessee will give a corporate guarantee, to the satisfaction of the Assessing Officer, within the two weeks from the date of this order, for the balance amount; and that (c) the assessee, as also the revenue, will fully cooperate in expeditious disposal of the appeal, and will not seek any adjournment on any grounds whatsoever, other than the grounds on which the bench is satisfied about the grounds being wholly unavoidable and bonafide.
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