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2017 (9) TMI 1158 - HC - Income TaxEligibility for the benefit of deduction under Section 80P denied - unconditional stay of recovery of the tax amount - income from other sources - Held that:- 2nd respondent considered the tax liability of the petitioner under the other head that was confirmed against him, namely, the tax amount towards income that was classifiable under the head 'income from other sources'. On the said issue, the 2nd respondent found that, inasmuch as the said income would not qualify for deduction under Section 80 P of the Income Tax Act, the petitioner could not claim exemption from the tax payable under the said head of income. The 2nd respondent, therefore, directed the petitioner to pay the demand confirmed against him under the said head in the assessment order, in six equal and successive monthly installments commencing from 18.07.2017, as a condition for the grant of stay of recovery of the balance amounts confirmed against the petitioner, in the assessment order. On a perusal of the reasoning in Ext.P10 conditional order, it is of the view that the said order, to the extent it directs the petitioner to make payment of the demand outstanding towards tax on income from other sources, does not call for any interference, save to the extent of the quantum that is demanded as a condition for the grant of stay. Taking note of the plea of financial hardship urged on behalf of the petitioner, as against the tax liability of ₹ 68,00,000/-, which the petitioner was directed to pay in six equal monthly installments starting from 18.07.2017, the petitioner ought to be directed to pay only an amount of ₹ 20,00,000/-, within a period of two months from the date of receipt of a copy of this judgment. Save for this limited modification to the directions in Ext.P10 order, the rest of the directions in the said order shall remain unaltered.
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