9911796707
TMI Blog2012 (3) TMI 287X X X X Extracts X X X X X X X X Extracts X X X X ..... e order of assessment, the Additional Commissioner of Income Tax assessed the total income of the Petitioner at Rs.22.43 crores, resulting in a demand of Rs.2,00,48,630/. The Petitioner filed a rectification application under Section 154 on 5 January 2012. Upon rectification, the demand has been scaled down from Rs.2 crores to Rs.1.30 crores. Thereafter, upon a second rectification application dated 30 January 2012, the demand has been further scaled down to Rs.1.18 crores. A refund was due to the Petitioner for Assessment Year 201011 approximately in the amount of Rs.78 lakhs. The Petitioner has filed an appeal before the Commissioner of Income Tax (Appeals) against the order of assessment. An application for stay was moved before the Comm ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed by the Assessing Officer for previous years. However, for the year in question, the addition which has been made would result in an increase by 3700% in the annual letting value. As regards (iii), it has been stated that the expenses which were incurred in the amount of Rs.1.20 crores were towards legitimate professional expenditure, including towards international conferences, institution of a chair in conjunction with the International Fiscal Association (IFA) and to the Government Law College at Mumbai. In these circumstances, it was submitted that the action of the Revenue is completely arbitrary. On the other hand, Counsel appearing on behalf of the Revenue submitted that the refund of Assessment Year 201011 was adjusted against the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rranted. Of the total demand of Rs.1.18 crores, an amount of Rs.78 lakhs has been adjusted against the refund which became due and payable against the demand for Assessment Year 201011. Since the refund has already been adjusted, and the balance of the demand was Rs.40.54 lakhs, we are of the view that the ends of justice would require that there should be a stay on the recovery of balance until the disposal of the appeal before the CIT (Appeals). At this stage, since the amount of Rs.78 lakhs has already 1 been adjusted, we are not issuing any direction in respect of that amount, but we direct that the CIT (Appeals) shall expedite the disposal of the appeal and endeavour to do so within a period of three months from today. In these circums ..... X X X X Extracts X X X X X X X X Extracts X X X X
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