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2017 (10) TMI 229 - AT - Income TaxSeeking extension of stay already granted of outstanding demand of tax and interest - Held that:- We have observed that the assessee is not in fault during the intervening period from the date of grant of stay on 10-03-2017 by tribunal till as of now and has complied with the terms and conditions of the stay order. Thus, keeping in view factual matrix of the stay petitions, we are inclined to extend the stay for both the assessment years 2009-10 and 2010-11 of the outstanding demand of tax and interest for a period of 180 days(one hundred and eighty days), or till the disposal of appeal whichever is earlier. The assessee shall not seek any adjournment except on cogent grounds in exceptional circumstances. In case the assessee seeks adjournment without any cogent reasons, the stay shall stand vacated. We would clarify that we have not commented on the merits of the impugned appeals. The AO is directed to verify the validity of corporate guarantee/undertaking issued by the assessee in terms of the order of the tribunal, in order to secure the interest of Revenue.
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