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2017 (10) TMI 1217 - MADRAS HIGH COURTInterim Stay seeked - Held that:- The instant case is one of search and seizure and pertains to valuation of the property and certain records were relied on by the Assessing Officer to make the subject assessment. Therefore, this Court is of the view that the petitioners should be put on condition for being entitled to grant of stay. It is submitted by the learned counsel that total tax liability in respect of the four petitioners is ₹ 3,03,28,295/- and interest of revenue would be safeguarded if 15% of the tax demand is directed to be paid by the petitioners. 15% of the said amount works out to ₹ 45,49,244/- out of which 8 lakhs has already been recovered. Hence, there will be a direction to the petitioners to pay ₹ 37,49,244/- for being entitled to a grant of stay. The payment shall be effected in one lump sum or installments within a period of 12 weeks from the date of receipt of a copy of this order.
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