2018 (3) TMI 530 - BOMBAY HIGH COURT

Stay of demand - determination of fair market value of the shares issued at a premium - Held that:- In view of the fact that the petitioner's Appeal is pending before the CIT (A) and the issue of the fair market value of the shares issued at a premium by the petitioners to its holding Company would be an issue which would be subject matter of consideration in the appeal and would be appropriately dealt with by him in appeal.

It is the petitioner's contention that the assessment order is without jurisdiction as it has ignored the DCF Method to arrive at fair market value of its shares, it would be open to the petitioners to file an application for stay of the order dated 21st December, 2017 passed by the Assessing Officer to the CIT (A) in its pending Appeal. In the above circumstances, there would be a stay of the order dated 21st December, 2017 to the extent of the demand raised for a period of 4 weeks from today. In case, the petitioner files a stay application to the CIT (A) within a period of 4 weeks from today, the demand of ₹ 62.38 crores arising consequent to the impugned order dated 21st December, 2017 is stayed till the stay application is disposed of and for a further period of 2 weeks thereafter.