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2019 (3) TMI 650 - HC - Income TaxStay petition - condition of depositing 20% of the disputed tax demand is reasonable one - HELD THAT:- Petitioners' appeals are at advance stage of hearing before the Appellate Commissioner. However, in view of the clarification of the learned counsel for the petitioners that in case of the company, the Appellate Commissioner may have to call for remand report, the final outcome of such appeals, may not be available for at least a few months from now. We shall, therefore, have to provide for an interim formula subject to which the further recoveries of disputed tax would be stayed pending appeals. In this context, we take note of the contention of the learned counsel for the petitioners that the Assessing Officer has made major additions on the ground that the receipts in the hands of the individual assessee upon sale of shares was a business income. The question of correctness of Assessing Officer's additions on the head of 'sale of shares' would have to be examined at length which obviously in these proceedings, we are not inclined to do. All the petitioners between them shall deposit a further sum of Rs. Two crores with the department latest by 25.3.2019.The attachment of the bank accounts of all the petitioners shall stand revoked forthwith.
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