TMI Blog2014 (4) TMI 696X X X X Extracts X X X X X X X X Extracts X X X X ..... ed as the assessee in default – the assessee’s liability for levy of interest u/s 201(1A) cannot be denied with respect to the delay in payment of taxes – the assessee has already paid more than 100% of its demand raised u/s 201(1A) for all the years, assessee cannot be asked to pay further amount with respect to demand raised u/s 201(1A) - thus, stay granted till the disposal. - SA Nos.123 to 126/Mum/2014 (Arising out of ITA Nos.2043 to 2046/Mum/2014) - - - Dated:- 11-4-2014 - Shri R. C. Sharma, AM And Shri Vivek Varma,JM,JJ. For the Petitioner : Shri Sunil M. Lala, Shri Prashant Maheshwari For the Respondent : Ms. Neeraja Pradhan ORDER Per R. C. Sharma (A.M.) : These Stay Applications are filed by the assess ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent of income. 3. Our attention was also invited to the taxes paid under Section 201(1) and 201(1A) in all the four years which indicated that out of the total demand raised amounting to Rs.215,049,061/-, the assessee has already paid Rs.73,000,000/-, which means assessee has paid 48.68% of the total tax demand under Section 201(1), and Rs.112.14% of the total interest under Section 201(1A) of the IT Act. Learned AR also invited our attention to the financial hardships of the assessee company, insofar as assessee is incurring huge business losses as per the audited financial statements placed on record. In view of the above, learned AR contended that assessee has a good prima facie case on merits as well as balance of convenience is also ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... essee cannot be made liable for payment of tax under Section 201(1) in respect of payment of tax by the recipient of income, the assessee is liable to pay interest under Section 201(1A) of the IT Act. Since in the instant case, assessee has already paid more than 100% of its demand raised u/s.201(1A) for all the years under consideration, assessee cannot be asked to pay further amount with respect to demand raised under Section 201(1A). Without going into the merits of the case and also keeping in view the balance of convenience and the amount of tax already paid by the assessee, we grant stay for six months or passing of the final order in the appeals by the Tribunal, whichever is earlier. The Registry is directed to fix the hearing of the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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