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2020 (4) TMI 55 - HC - Income TaxStay of demand - granting a scheme of installment to the petitioner by way of five (5) equated monthly installments of the demand to be paid by the 30th of each month - HELD THAT:- Petitioner confirms that no amount has been paid thus far towards the disputed demand. The total demand is for a sum of ₹ 42,43,57,970/-and the tax component comes to a sum of ₹ 25,11,05,384/-. Thereafter, the petitioner is permitted to file a stay application before the Commissioner of Income Tax (Appeals) before whom the appeal is pending, within a period of two (2) weeks from today. Stay of the balance demand till disposal of the stay application by the Commissioner of Income Tax (Appeals), upon a consideration of the matter, the petitioner is directed to remit 10% of the disputed tax of ₹ 25,11,05,384/- forthwith. Such application, if filed within the period as aforesaid and upon compliance of the terms imposed will be taken up and disposed after hearing the petitioner within a period of four (4) weeks from date of filing of the application. If no stay application is, as permitted, filed within the timeline as aforesaid, the order of the Assessing Authority impugned before me will stand revived and the stay granted early stands automatically vacated.
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