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2023 (9) TMI 941 - AT - Income TaxStay petition - recovery proceedings - whether a prima facie case had been made out by the assessee and whether balance of convenience is in favour of the assessee? - HELD THAT:- As in order to come to a conclusion whether a prima facie case has been made out or not itself requires extensive verification of facts and documents. In view of the provisions of section 254(2A) read together with its proviso thereon, we deem it fit and appropriate to direct the assessee to pay 20% of the outstanding demand in two equal instalments in August and September, 2023. The assessee shall produce the proof of remittance of stipulated instalments before the Bench by 15.09.2023. In the alternative, the assessee is also entitled to furnish security equivalent to the value of 20% of the outstanding demand in favour of the Income tax Department on or before 15.09.2023. The assessee is directed to ensure compliance of the aforesaid contentions before the Bench on or before 15.09.2023. Subject to the aforesaid conditions, the demand raised by the Revenue is kept in abeyance for a period of 90 days from the date of compliance as mandated to the assessee before the Bench, i.e. 15.09.2023 or till the disposal of the appeal, whichever is earlier. It is hereby made clear that till 15.09.2023, no recovery proceedings shall be initiated on the assessee for the demand.
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