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2016 (11) TMI 440 - AT - Income TaxStay of demand - Disallowance made u/s 14A - Held that:- AO have himself granted the stay and all conditions and other facts and circumstances of the case remains the same, then the stay must be extended as per principles of natural justice and fair play. Further, if we take into account merits of the case also, we find that the major disallowance is on account of section 14A. It has been contended by the Ld. Counsel that prima facie balance of convenience of the merits of the disallowance lies in favour of the assessee, in view of various judgments of few High Courts available on this issue. Though, the legal position cited by the Ld. Counsel was not disputed by the Ld. DR, but we are not going into the same at this stage. It is noted by us that in case disallowance made u/s 14A is deleted, then taxable income of the assessee gets converted into loss and therefore no demand would be left as payable. Therefore, totality of the facts of the case suggests that as on date prima facie case and balance of convenience lies in favour of the assessee. - stay granted.
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