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2019 (9) TMI 1240 - HC - Income TaxStay of demand - conditional stay was granted subject to the petitioner paying 20% of the tax amount attributable to the additions to income made under Section 68 - Deduction u/s 80(P) (2) (a) (i) - additions to the income declared by the petitioner under Section 68 - HELD THAT:- Taking note of the judgment of this Court in Mavilayi Service Co-operative Bank Limited v. Commissioner of Income Tax [2019 (3) TMI 1580 - KERALA HIGH COURT] in the context of the deduction claimed under Section 80P of the Income Tax Act, as also the directions stated to have issued by a Division Bench in writ appeals, that only 1% of the tax amount confirmed against assessees under Section 68 of the Income Tax Act, need to be deposited, pending disposal of the appeals by the First Appellate Authority, I dispose the writ petition by directing the 2nd respondent to consider and pass final orders on Ext.P3 appeal pending before him, within an outer time limit of four months from the date of receipt of a copy of this judgment, after hearing the petitioner. It is made clear that till such time as orders are passed by the 2nd respondent in the appeal as directed, and the order communicated to the petitioner, further proceedings including those pursuant to Exts.P7 and P8 communications, for recovery of amounts confirmed against the petitioner by Ext.P5 order, shall be kept in abeyance on condition that the petitioner pays an amount equivalent to 1% of the tax demanded on the additions made in the assessment order under Section 68 of the Income Tax Act, within one month from today. It is made clear that the attachment over the accounts of the petitioner, as contemplated in Exts.P7 and P8, shall stand lifted forthwith on the petitioner depositing the aforementioned 1% amount with the respondents.
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