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2019 (2) TMI 234 - AT - Income TaxStay for recovery of outstanding demand - total tax payable by the assessee excluding interest u/s.234B & 234C - Held that:- Since the passing of the earlier order of Tribunal in Stay petition for AY 12-13, balance of convenience, financial and other hardships, we are of the view that it would be just and appropriate to direct the assessee pay a further sum of ₹ 10 crores in two instalments i.e., Rs. Five Crores (Rs.5,00,00,000) on or before 31st January, 2019 (31.01.2019) and another sum of Rs. Five Crores (Rs.5,00,00,000) on or before 10th February, 2019 (10.02.2019) as a condition for grant of stay. In this regard, we notice that the total tax payable by the assessee excluding interest u/s.234B & 234C of the Income Tax Act, 1961 (Act) is ₹ 492,73,02,320, out of which the assessee has already paid ₹ 163,18,13,536, leaving balance tax payable of ₹ 329,54,88,784. The assessee has further paid a sum of ₹ 150 crores, thereby 45.5% of the outstanding demand in respect of taxes already stands discharged by the assessee. Taking into consideration these aspects, we have fixed a sum of ₹ 10 crores to be paid in two instalments by the assessee which will make the payment of outstanding demand of taxes by the assessee to almost 50% of the tax payable. This will sufficiently safeguard the interest of the assessee as well as the interest of revenue. The stay petition is ordered accordingly. The appeal is fixed already for hearing on 14.02.2019 and the parties will not seek any adjournment on the date of hearing, without just and sufficient cause and are requested to co-operate in the disposal of appeal by the Tribunal at the earliest. Accordingly, there will be a stay of recovery of outstanding demand subject to the conditions already mentioned hereinabove for a period of six (6) months from the date of this order, or till the disposal of the appeal, whichever is earlier.
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