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2019 (3) TMI 1346 - AT - Income TaxStay on the recovery of demand - Tribunal power to extend the period of stay even beyond 365 days - Whether as almost 50% of the demand has been paid and, therefore, stay on the balance of the outstanding demand be continued - HELD THAT:- We deem it fit and proper to continue the stay on the recovery of demand for a further period of three months from today or till the date of order of the Tribunal in assessee’s appeal, whichever is earlier. At this stage, we may also notice that the corresponding appeal of the assessee was posted today alongwith the stay application, but due to the non-availability of the counsel, it has been requested to be adjourned for further hearing on 28.01.2019 at 2.30 p.m., a date consented by both the parties. It is also directed that till such time the present stay operates, the refund of `7,59,94,310/-, which is determined payable to the assessee be retained/adjusted by the Department against the presently outstanding demand, as per law. Continuation of the stay will be more than the period envisaged under Section 254(2A) of the Income Tax Act, 1961, i.e. more than 365 days - It is noted that in the case of CIT vs. Tata Teleservices (Maharashtra) Ltd. [2015 (12) TMI 1507 - BOMBAY HIGH COURT] has upheld the proposition that the Tribunal is vested with the power to extend the period of stay even beyond 365 days, if the circumstances so warrant. In this view of the matter and considering the circumstances of the case, we have extended the stay as stated in the earlier paras. Accordingly, the stay application is disposed off as above.
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