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2018 (5) TMI 1096 - HC - Income TaxRecovery proceedings - stay on demand seeked - Held that:- As assessee has so far deposited ₹ 76.87 Crores. Under the circumstances, further coercive recovery arising out of the judgment of the Tribunal would be stayed on condition that the applicant deposits a further sum of ₹ 23.13 Crores with the Department latest by 20th April 2018. This would make the total deposit by the applicant including so far made, to ₹ 100 Crores which would be approximately 20% of the outstanding tax demand. Application stands disposed of accordingly. The Corporate Guarantee which has been provided by the parent company to cover the unpaid amount would continue with this adjustment.
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