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2021 (8) TMI 1033 - AT - Income TaxStay of demand - recovery of outstanding demand stayed subject to deposit of ₹ 50 crores on or before 31.03.2016 - HELD THAT:- The appeal filed by the assessee could not be heard and was adjourned from time to time, the stay already granted was extended by the Tribunal.It would be relevant to mention here that the assessee filed extension of stay the co-ordinate bench vide order dated 04.09.2019 [2019 (9) TMI 1579 - ITAT MUMBAI] extended the stay for a period of six months subject to further deposit of ₹ 25 crores in two equal instalments of ₹ 12.50 crores each to be deposited by the end of September, 2019 and October 2019, respectively. The assessee challenged further demand of ₹ 25 crores as a condition for extension of stay before the Hon’ble High Court. The counsel for the Revenue conceded before the Hon’ble High Court that unless permitted by the Court, respondent (Department) shall not insist on the petitioner (Assessee) to deposit such amount as directed by the Tribunal. The Hon’ble High Court [2019 (12) TMI 1535 - BOMBAY HIGH COURT] admitted the Writ Petition and in view of concession by the by the Revenue’s Counsel directed that the condition imposed by the Tribunal for further deposit of ₹ 25 crores shall not be forced. The aforesaid writ petition is still pending for final adjudication. Now, the assessee has filed present stay application seeking extension of stay. After having examined the documents on record, we are of considered view that the stay already granted to the assessee deserves to be extended for a further period of six months from today or till the disposal of appeal, whichever is earlier.
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