2011 (1) TMI 651

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..... The assessee filed the present Stay Application praying for stay of recovery of outstanding amount of Rs.2,64,54,812. 2. We heard Shri Rajan Vora, the learned representative for the assessee and Shri Srinivas, the learned DR. The contention of the assessee before this Tribunal is that when the arithmetic adjustment as provided in section 92C of Income-tax Act, 1961 is made then the tax liability .....

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..... the other hand, submitted that the assessee may be asked to deposit the outstanding amount on instalments. 4. We have considered the submissions of learned representative for the assessee and the learned DR. We find the contention of the assessee that arithmetic adjustment has to be made as provided in statutory provisions merits consideration. Likewise, while computing the deduction u/s. 10A of .....

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