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2019 (1) TMI 294 - AT - Income TaxStay petition - Recovery proceedings - financial hardships - Held that:- The assessee has not so far paid even a single penny against the outstanding demand of ₹ 107,80,72,470/- (comprising of tax of ₹ 69,54,77,298/- and interest of ₹ 38,25,95,173/-). Taking into account the facts and circumstances of the case, the fact that the assessee has not been able to establish before us any sort of financial hardship and the balance of convenience, we are of the view that this is a fit case for grant of stay on recovery of demand subject to the assessee paying atleast 50% of the tax demand of approx. ₹ 70 Crores. We grant stay on recovery of the demand outstanding for a period of 6 months commencing today i.e., 04.01.2019, or disposal of appeal, whichever is earlier; subject to the assessee paying an amount of ₹ 35 Crores i.e., approx. 50% of the tax demand (excluding interest of approx. 38 Crores) - Failure on the part of the assessee to comply with the above directions will result in stay being vacated automatically
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