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Maharashtra Airport Development Co. Ltd. Versus Deputy Commissioner of Income Tax & Others

2015 (9) TMI 77 - BOMBAY HIGH COURT

Stay on balance demand of tax denied - no financial difficulty is caused by the deposit - Held that:- As decided in UTI Mutual Fund Vs. ITO [2013 (3) TMI 350 - BOMBAY HIGH COURT] where a strong prima facie case has been made out in its favour by the assessee, the requirement of predeposit would by itself be a matter of hardship.

We are informed that the CIT (Appeals) has already commenced the hearing of petitioner's appeal filed from the assessment order dated 24th March, 2014 for the .....

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ioner's appeal arising out of assessment order dated 24th March, 2014 and for the period of two weeks thereafter. However, as the hearing has already commenced, we would direct the CIT (Appeals) to dispose of the appeal as expeditiously as possible and preferably on or before 15th December,2015. - Writ Petition No. 1471 of 2015 - Dated:- 20-8-2015 - M. S. Sanklecha And G. S. Kulkarni, JJ. For the Appellants : Mr Salil Kapoor with Mr K Gopal & Mr Jitendra Singh For the Respondent : Mr Suresh .....

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he genesis of the present proceedings is the assessment order dated 24th March,2014 passed by the Assessing Officer on reopening the assessment for the Assessment Year 2008-09. The petitioner had in terms of Section 220(6) of the Act sought a stay of demand of tax consequent to the Assessment order pending the disposal of its appeal before the CIT (Appeals). The Assessing Officer by an order dated 10th October,2014 granted a stay of the demand to the extent of 50% of the tax payable till the dis .....

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capital receipt. These funds were made available to the petitioner for the purpose of acquisition of land to carry out its project for development of Airports and the Special Economic Zones within the State of Maharashtra. The State Resolution also requires the petitioner to file monthly reports in respect of the utilization of the funds received for land acquisition from the State Government. 4. The impugned order refusing to grant stay has proceeded on the following basis: (a) that the deposit .....

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on (Lodg) No.523 of 2013 "UTI Mutual Fund Vs. ITO", wherein the Court in its order dated 6th March,2013 has observed that where a strong prima facie case has been made out in its favour by the assessee, the requirement of predeposit would by itself be a matter of hardship. As held by this Court in the Judgment in the case "Mumbai Metropolitan Region Development Authority Vs. The Deputy Director of Income Tax (Exemption1(1) & Ors." in "Writ Petition (Lodg) no.2348 of .....

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alf of the petitioner points out that in the earlier years commencing from Assessment Year 2005-06 the petitioner has been receiving funds from the State Government being grants for acquisition of land. At no point of time the Revenue has sought to consider it as revenue. Besides, he filed a statement indicating that out of ₹ 155 crores which have been received commencing from the financial year 2004-05 upto 2007-08, an amount of ₹ 153.55 cores has been utilized for acquisition of la .....

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