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2018 (3) TMI 1361 - HC - Income TaxStay of a demand u/s 220(6) - recovery of dues - non payment of pre deposit i.e. 20% - Held that:- The petitioner seeks extension of time to fulfill its above undertaking to the Principal Commissioner of Income Tax. In support, the affidavit of Mr. P.A. Gaikwad, the Chief Administrative Officer, dated 23rd March, 2018 has been tendered in Court on behalf of the petitioner. The same is taken on record. In the affidavit it is stated that out of ₹ 1,16,05,939/( being 20% of penalty of ₹ 5,80,29,698/), the petitioner has already paid a sum of ₹ 10 lakhs. The affidavit undertakes to pay sum of ₹ 25 lakhs on or before 26th March, 2018 and the balance amount of ₹ 81,05,939/would be paid on or before 15th April, 2018. Mr. P.A. Gaikwad, the deponent of the affidavit is in Court and the statement made by him in the affidavit is accepted. The respondents are directed not to adopt any coercive action till 16th April, 2016 for recovery of its dues. It is made clear to the petitioner that no further extension of time to honour its commitment to the Revenue will be granted.
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