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2019 (8) TMI 639 - AT - Income TaxStay on recovery of outstanding demand - HELD THAT:- So far the assessee has made good / paid ₹ 18,80,14,448/- out of the total tax demand of ₹ 30,94,03,636/- (excluding interest charged under section 234B and 234D amounting to ₹ 14,08,94,838/-) which constitutes payment of tax of approx. 61%. Taking into account the facts and circumstances of the case, the fact that the assessee has paid approx. 61% of the tax demand raised and the balance of convenience, we are of the view that this is a fit case for grant of stay on recovery of outstanding demand and do so. The assessee is granted stay on recovery of outstanding demand for a period of 6 months commencing today or disposal of appeal whichever is earlier. The hearing of this appeal has been fixed for 16.09.2019. The assessee is directed to file all returns / submissions and other documents which it relies on in support of the grounds raised in this appeal well before the date of hearing i.e., on 16.09.2019 and also that no adjournment of hearings should be sought for by the assessee other than for genuine reasons. Failure to comply with the above said directions would result in the stay being vacated automatically and all other legal consequences shall follow. Since the date of hearing has been pronounced in open court, no separate notices will be issued for the hearing to the parties.
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