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2023 (3) TMI 105 - HC - Income TaxStay of demand - petitioner had asked for stay of demand and waiver of 20% of the demand - addition of bogus purchases - HELD THAT:- Even if the additions made by the AO on account of purchases are accepted, then surely, there is a case for examining, as to what is the gross profit rate to be attributed to the petitioner, based on the past record. If the said gross profit rate is accepted, then, the amount that may have to be deposited by the petitioner, pending the disposal of his appeal, could be adjusted. However, for the moment, we are not expressing any firm views in the matter. CIT will consider these aspects of the matter, without being burdened by the observations made hereinabove. We make it clear, that till such time the application is disposed of by the CIT, no coercive measures will be taken against the petitioner. CIT will dispose of the application within two weeks of receipt of a copy of the judgement. In the event that the order passed by the CIT is adverse to the interests of the petitioner, the petitioner will have liberty to take recourse to an appropriate remedy, albeit, as per law. The order, if any, passed adverse to the interests of the petitioner will not be given effect to for a further period of two weeks, to enable the petitioner to take recourse to an appropriate remedy.
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