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2017 (11) TMI 1226 - HC - Income TaxStay petition - revenue has rejected the said petition on the ground that the petitioner has not paid 20% of the disputed tax - Held that:- Writ Petition is disposed of, with the slight modification to the impugned order (i) by permitting the 1st respondent to encash the fixed deposit of ₹ 95 lakhs together with interest accrued till the date of encashment and reckon the payment towards the disputed tax; (ii) the petitioner is directed to furnish immovable property security worth ₹ 2 Crores and such property/properties shall be free from encumbrance and the original documents should be deposited and appropriate documents should be executed in favour of the Department securing the interest of Revenue and the petitioner providing immovable property security for sum of ₹ 2 Crores, further demand of tax and penalty as claimed in the assessment orders shall remain stayed. It is represented by the learned counsel for the petitioner that the fixed deposits are in the names of the father-in-law and mother-in-law of the petitioner and the petitioner will make appropriate arrangements for them to give their No objection certificate for encashment of those fixed deposits. The above direction shall be complied with within a period of three weeks from the date of receipt of copy of this order.
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