9911796707
TMI Blog2007 (3) TMI 312X X X X Extracts X X X X X X X X Extracts X X X X ..... ed as under: Particulars Asst. yr. 2003-04 Income as per assessment order 87,36,40,944 Less: Relief by CIT(A) order 25,40,20,351 Income under s. 250 of the Act 61,96,20,593 Tax at the rate of 35% 21,68,67,208 Surcharge 1,08,43,360 Tax as per CIT(A) order 22,77,10,568 Tax paid as per returned income 7,68,87,505 Balance tax 15,08,23,063 Less: Payments as per the instalments 14,00,00,000 granted basis Tax payable 1,08,23,063 Add: interest under s. 234B of the Act 2,94,81,661 Add: Interest under s. 220(2) of the Act 1,06,30,472 Total tax demand due after giving effect 5,09,35,197 to the CIT(A) order 2.2 The demand has arisen in view of the various adjustments made in respect of international transactions by the petitioner with ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f stay of recovery of outstanding demand. He also pleaded that even if the Tribunal is not willing to grant absolute stay, the assessee may be asked to pay demand to the extent of tax liability and liability towards interest may be stayed. He also pleaded that the hearing may be taken up at an early date on out of turn basis. 2.4 Learned Addl. CIT Shri Subrat Mishra, appearing for the Revenue, submitted that the outstanding demand has been reduced in view of the refund available to the assessee. Now the demand outstanding is only Rs. 4.29 crores. When the assessee moved the petition before the CIT, the CIT had granted stay subject to payment of a sum of Rs. 3 crores before 12th March, 2007 and has also promised to review the situation afte ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is also clear that the entire demand cannot be stayed from recovery proceedings. Considering the facts and circumstances of the case, we order as under: (1) That demand against tax payable outstanding is Rs. 1.08 crores. The assessee shall pay sum of Rs. 100 lakhs by two equal monthly instalments of Rs. 50 lakhs each before 15th April, 2007 and 15th May, 2007. If the demand is paid accordingly, balance demand is stayed from recovery proceedings till the appeal is disposed of by the Tribunal or for a period of six months, whichever is earlier. (2) The assessee shall furnish necessary guarantee to the satisfaction of the AO. (3) Since the issue involved is subject-matter of appeal to be decided by a Special Bench of the Tribunal and since ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
