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2020 (4) TMI 532 - AT - Income TaxStay of demand - total tax alongwith interest u/s. 220 is about 1100 crores therefore, the assessee should be directed to pay at least 50% of the outstanding demand - assessee submitted that stay should be granted to the assessee subject to the adjustment of the refund - HELD THAT:- Assessee has prima facie case for grant of stay subject to certain conditions. We, therefore, without commenting upon the merits of the case, stay the outstanding demand for a period of 6 months or disposal of the appeal whichever may expire earlier subject to payment of ₹ 200 cores by the assessee to the revenue within 30 days and direct the AO to adjust the refund of ₹ 193.34 crores arising to the assessee for A. Y. 2010-11 against outstanding demand for A.Y.2014-15. The request of the assessee for out of turn hearing is also accepted and the appeal is fixed for hearing on 16.04.2020 which was announced in the open court. The assessee is hereby directed to file the paper book in advance and not to seek any adjournment under any pretext failing which the stay granted to the assessee shall stand vacated automatically.
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