2013 (12) TMI 365

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..... ns of the present writ petition the petitioner has prayed for a writ, order or direction in the nature of mandamus directing the respondents to stay the demand of Rs. 12.53 crores for the assessment year 2003-04 arising out of the penalty levied under Section 271 (1)(C) of Income Tax Act, till the disposal of the appeal pending before CIT(A). From the documents annexed with this petition, it appe .....

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..... petition was disposed of by the judgment and order dated 2.3.2012 directing the Commissioner of Income Tax (Appeals) to pass appropriate orders in accordance with law on the petitioner's application for grant of interim relief within a week from the date of filing of a certified copy of this order before him. In pursuance of the aforesaid direction, the Commissioner of Income Tax (Appeals) has pa .....

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..... be levied. This, according to him, is not a case of any concealment of the particulars of income. All the facts were disclosed in documents and return of income. Whether, the sales tax subsidy is revenue receipt or capital receipt, was in issue. Elaborating his arguments he submits that since the issue involved in the present case is debatable, hence the same cannot attract the penalty under sect .....

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..... bstantial relief to the petitioner. It is not a case of any financial hardship to the petitioner and this Court should not interfere in the present matter in exercise of its jurisdiction under Article 226 of the Constitution of India. We have considered the submissions of learned counsel for the parties and perused the record. Whether any penalty under Section 271 (1) (C) of the Income Tax Act ca .....

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..... week from today, the appeal shall be heard and decided within one month thereafter, and till the disposal of the appeal the recovery of balance amount shall remain stayed. In other words, the petitioner need not deposit the second installment. It is needless to say that if ultimately the petitioner succeeds in appeal, the department shall take necessary steps expeditiously for the refund of the .....

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