9911796707
TMI Blog2012 (3) TMI 288X X X X Extracts X X X X X X X X Extracts X X X X ..... Commissioner of Income Tax, Range 7, Pune, rejecting applications for stay of a demand for Assessment Years 200809 and 200910. 3. For both the Assessment Years in question assessment proceedings were completed under Section 143(3) of the Income Tax Act, 1961. There is a demand of Rs.5.76 Crores, based on the orders of assessment of which the principal amount due on account of tax is Rs.4.53 Crores and interest in the amount of Rs.1.23 Crores. (a chart showing the bifurcation has been placed on the record by Counsel appearing on behalf of the Petitioner.) A refund in the amount of Rs.2.67 Crores was due to the Petitioner for Assessment Year 201112. The Petitioner has filed appeals before the Commissioner of Income Tax (Appeals) against the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n 226(3). The amendment may be carried out forthwith. Verification dispensed with. 5. Counsel appearing on behalf of the Petitioner submits that ( i) Absolutely no reasons have been indicated by the ACIT for rejecting the applications for stay of demand contrary to the law laid down by this Court; (ii) Out of a total demand of Rs.5.76 Crores for the two Assessment Years, an amount of Rs.2.67 Crores has already been adjusted against the refund due for Assessment Year 201112 leaving a balance outstanding of Rs.3.08 Crores; (iii) The appeals filed by the Petitioner for Assessment Years 200607 and 200708 were heard by the CIT (Appeals) in September 2010, but the orders are still awaited. The outcome of those appeals would substantially gove ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ntingent liability debited to the P & L Act; (iii) Profit on the sale of fixed assets; (iv) Product warranty charges; and (iv) Rent paid for expatriate employees. Before this Court it is not in dispute that many of these issues would be governed by the proceedings which are pending before the CIT (Appeals) for Assessment Years 200607 and 200708 which have been heard, but where orders are awaited. Out of the total demand of Rs.5.76 Crores, adjustment has already been made of Rs.2.67 Crores out of the refund due for Assessment Year 201112. Nearly 46% of the demand for the two years had already been recovered. In that view of the matter, we are of the view that the ends of justice would be met by issuing the following directions : 1) The reco ..... X X X X Extracts X X X X X X X X Extracts X X X X
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