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2020 (4) TMI 439 - AT - Income TaxStay of outstanding demand - assessee has paid 20% demand - HELD THAT:- Considerable liability already discharged by the assessee, we are of the view that mitigating circumstances exist in the present case for stay of outstanding demand to the extent of ₹ 5,27,23,794/-. The AO shall be entitled to adjust the refund of excess tax claimed to be under the control of the department to the tune of ₹ 2,90,79,380/-. The Registry is directed to fix the relevant penalty appeals for AYs. 2007-08 to 2010-11 for out of turn hearing on 23/04/2020 as announced in the Open Court and informed to the representatives of both the sides. No separate notice of hearing would thus be required to be served. The parties will file all the requisite documents, such as, paper-book etc. well in advance for expeditious disposal of appeal. Stay granted is also subject to the condition that the assessee will fully cooperate in speedy disposal of the appeal and will not seek any adjournment on any grounds whatsoever save and except wholly unavoidable and bonafide circumstance preventing the assessee from participating in appellate proceedings before the Tribunal.
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