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2023 (2) TMI 583 - BOMBAY HIGH COURTStay of demand - HELD THAT:- AO failed to disclose reasons while rejecting stay application and since the appellate authority also failed to consider the stay application and demanded 20% of the disputed demand, considering this limited issue, we are of the opinion that the Principal Commissioner need to re-consider and pass appropriate order as canvassed by the petitioner, by furnishing reasons. Instead of a remand to consider the application for waiver that would entail further delay, We were invited to decide on such application based on the material placed and the law as discussed above. Only in the peculiar facts of this case and with consent We have agreed. At least 10 % amount must be deposited by the Petitioner. The financial hardships projected by the Petitioner, which is a Government concern must be balanced with the interests of the revenue in public interests. As submitted that petitioner is ready and willing to deposit an amount of ₹30 lacs within a period of 2 weeks. We accept such statement and direct the petitioner to deposit ₹30 lacs with the respondent no.1, within a period of 2 weeks. This is less than 10% of the tax demanded - considering the material placed before us, instead of a remand to consider the waiver application, interests of justice would be suitably served if the Petitioner deposits 10% of the demanded amount. Further, the hearing of the appeal on merits could be expedited. Order - Respondent No.1 is directed to hear the petitioner's appeal on merit on the condition that the petitioner shall deposit an amount of 30 lacs within a period of ₹ 2 weeks from today and the balance to make up 10% of the demanded amount within further two weeks from the date of first deposit.
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