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2018 (11) TMI 386 - AT - Income TaxSeeking stay of disputed outstanding demand - partial recovery made - Held that:- Recovery is already made by the AO of ₹ 22,72,75,655/- which is about 66% of the gross disputed outstanding demand of ₹ 34,51,73,238/- and hence, we feel it proper to grant stay of the disputed outstanding demand for a period of six months from the date of this order or till the disposal of these appeals whichever is earlier. Also in case, there is any change in this factual position because of any refund by the AO against the said recovery u/s 266 (3), both parties will be at liberty to seek amendment in this stay order. We have noted that the hearing of these appeals was first fixed on 25.09.2018 and on this date, the hearing was adjourned to 15.10.2018. On 15.10.2018, the hearing was adjourned to 31.0.2018 and on 31.10.2018, since the bench did not function; the hearing was again adjourned to 07.02.2019. In view of granting of stay, we prepone the hearing to 03.12.2018 and the registry is directed to issue notices to both sides. We want to make it clear that the assessee should not seek any adjournment in course of hearing of these appeals without justifiable reasons and if the assessee does so, then the stay granted by this order shall stand vacated automatically.
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