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2020 (8) TMI 237 - ITAT BANGALOREStay of recovery of 80% of the outstanding demand - HELD THAT:- We are of the view that the assessee made out a prima facie case inasmuch as the issue sought to be raised in the appeal is identical to the issue considered and decided in favour of the assessee in the case of Menzies Aviation Bobba Pvt. Ltd. [2015 (11) TMI 401 - ITAT BANGALORE]. On the issue of disallowance of interest on hedging swap transaction, there appears to be a prima facie case inasmuch as there was no capital expenditure debited to the Profit & Loss account for AY 2017-18 and the asset was put to use as early as in 2008. Considering the payments already made by the assessee and taking note of the financial hardship pointed out by the assessee, we are of the view that there should be a stay of recovery of the balance outstanding demand i.e., ₹ 4,62,06,437 for a period of six months from the date of this order, or till the disposal of the appeal; whichever is earlier. We also find that the appeal is already fixed hearing on 01.10.2020. The assessee shall not seek adjournment, except for unavoidable reasons. Stay petition is allowed.
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