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2018 (2) TMI 879 - HC - Income TaxPower of High court to grant interim relief to the appellant - Held that: It is an undisputed fact that the demands in relation to the above referred two assessment years are outstanding. The applicant, however, has shown willingness to deposit the entire amount on such terms and conditions as may be deemed fit by this court. Moreover, under the relevant provisions of the Act, the revenue is entitled to statutory rate of interest on any delay in making such payment. Therefore, some delay in making payment of the outstanding amount would not cause much prejudice to the revenue. The implementation, operation and execution of the common order passed by the Tribunal for assessment years 2011-12 and 2012-13 is hereby stayed subject to the following conditions: (a) The applicant shall pay the entire outstanding tax demand in relation to assessment years 2011-12 and 201213 in four equal monthly installments; (b) Insofar as the first installment is concerned, the applicant shall deposit a sum of ₹ 10,00,000 (Rupees ten lakh) within a period of one week from today and the balance amount shall be paid on or before 25th February, 2018; the second installment shall be paid on or before 25th March, 2018; the third installment shall be paid on or before 25th April, 2018 and the fourth and last installment shall be paid on or before 25th May, 2018. (c) A partner of the applicant shall file an undertaking before this court, undertaking to abide by the terms and conditions imposed by this court under this order; (d) Under no circumstances any extension shall be granted in payment of such installments; AND (e) In case there is any default in payment of any installment as stipulated hereinabove, the interim relief shall stand vacated.
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