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2021 (10) TMI 512 - AT - Income TaxStay of outstanding demand - assessee’s application u/s 154 of the Act is still pending before the assessing officer - HELD THAT:- As stay of outstanding demand raised for the impugned assessment year was granted to the assessee initially vide order dated 27-01-2020 on the condition that assessee would not press for issuance of refund amounting to ₹ 22,46,40,320/-. Subsequently, the stay granted earlier was extended vide order dated 26-02-2021 on the same conditions as were imposed earlier. Though, learned senior counsel for the assessee has pleaded for variation in the conditions of stay; however, we are not inclined to do so. Reason being, assessee’s application u/s 154 of the Act is still pending before the assessing officer and the actual demand as per the claim of the assessee has not yet crystallized - considering the fact that non disposal of the corresponding appeal of the assessee is not solely attributable to the assessee, we are inclined to extend the stay for a further period of 180 days or till disposal of the appeal, whichever is earlier, under the same terms and conditions on which the stay was granted earlier. AO is directed to dispose of the rectification application filed by the assessee expeditiously after providing opportunity of hearing to the assessee.
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