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2018 (2) TMI 758 - HC - Income TaxStay of demand - Penalty u/s 271D - cash loans from parents - repayment of loan in cash to Mother - whether only impossible situations for compliance of the provision contained in Section 269SS would constitute "reasonable cause" within the meaning of Section 273B? - Held that:- It would be inappropriate for this Court to consider the question as to whether the petitioner has made out a reasonable cause falling within the scope of Section 273B of the Act for non-compliance of the provisions contained in Section 266SS in respect of the transactions involved in this case, as the same is an issue primarily to be considered by the Appellate Authority in the appeals preferred by the petitioner. As seen that the income earned by the petitioner during the relevant year, even going by the assessment made by the Department, is only approximately ₹ 20,00,000/-, of which it is conceded that he has paid around ₹ 5,00,000/- towards tax. It is beyond dispute that if the petitioner does not remit the 15% of the amount directed to be paid, the benefit of the interim order will not be available to him. At the same time, if he is compelled to pay such a huge amount, there is force in the contention that the same will have an adverse impact on his business. In the circumstances, I deem it appropriate to modify Ext.P7 order granting stay for 95% of the demand covered by Ext.P1 order, on condition that he shall pay the remaining 5% in two instalments, the first of which shall be paid on or before 01/02/2018 and the second instalment before, 01/03/2018.
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