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2020 (10) TMI 560 - ITAT MUMBAIStay of recovery of outstanding demand - assessee instead of depositing the amount as directed by the Tribunal, filed the present Applications seeking direction to the Assessing Officer to adjust outstanding refund of the earlier assessment years - Economic scenario and financial crises triggered by COVID19 pandemic - HELD THAT:- Though, the Tribunal vide order dated 17/1/2020 directed the assessee to deposit the amount of ₹ 45,00,000/- (₹ 15,00,000/- for each assessment year) by 15/3/2020, keeping in view the depressed economic scenario and financial crises triggered by COVID19 pandemic we grant leverage to the assessee/applicant to comply with the condition mentioned in Para 5(i) of stay order dated 17/1/2020 by way of adjustment of refund due from the Department. AO is directed to adjust the remaining amount of ₹ 1,30,330/- for AY 2012-13 and ₹ 5,00,000/- for AY 2014-15 against the refund due to the assessee for AY 2008-09, if any and shall report the compliance to the Bench on the next date of hearing of the appeals. In case no refund for AY 2008-09 is due, the AO shall intimate the same to assessee and the assessee shall deposit the said balance amount forthwith and furnish proof of deposit of the amount before the Bench on the next date of hearing of the appeals i.e. 12/11/2020. The stay order shall come into force only after the entire amount as mentioned in stay order dated 17/01/2020 is deposited/adjusted. After the adjustment of refund/deposit of the amount by the assessee, as the case may be, the garnishee notices dated 13/01/2020 shall stand withdrawn by the Department.
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