2020 (11) TMI 655 - DELHI HIGH COURT - Income Tax

Head Note / Extract:
Stay of penalty demand subject to payment of 20% of the said amount - Petitioner also sought to restrain the respondents from initiating recovery of any demand of penalty imposed on the petitioner for the relevant assessment years - HELD THAT:- This Court is of the opinion that even if the present writ petition(s) are dismissed at this stage, the maximum amount that the petitioners can be directed to deposit pursuant to the impugned orders and circulars issued by the CBDT would be 20% of the remaining demand which can only be ₹ 1,71,03,416/-. Keeping in view the aforesaid factual scenario, this Court is of the view that there is no reasonable ground for the revenue to hold the excess amount i.e. ₹ 8,28,96,584/- and the same is directed to be released to the petitioners within four weeks. With these directions, present writ petitions and pending applications stand disposed of.