9911796707
TMI Blog2015 (9) TMI 1349X X X X Extracts X X X X X X X X Extracts X X X X ..... 6,968/- (Rs. 9,28,94,768 + 80,79,12,200 3. The ld. AR submitted that for these assessment years the assessee filed a loss of return as follows: A.Y. 2009-10 - Rs. 3,59,37,531/- A.Y. 2010-11 -- Rs. 6,39,01,141/- Against this, the assessment was completed by the AO by making addition of 25 crores u/s.68 of the Act towards receipt of share application money through banking channel for the assessment year 2009-10. For the assessment year 2010-11, the AO made the following additions/disallowances : a) Addition of Rs. 175 crores made u/s.68 towards unexplained cash credit being inter corporate deposit taken from Cineyug b) Disallowance of Rs. 8,17,16,474/- towards interest payment to Cineyug c) Disallowance of depreciat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... essment is barred by limitation and order is contrary to principles of natural justice, the balance of convenience is also in assessee's favour. Therefore, he submitted that it is very difficult to pay a very small fraction of the demand raised. Further the ld. AR submitted that since the assessee does not have any immovable property, they are unable to offer any security in the form of surrendering the Title deed. Therefore, the ld. AR prayed that the entire demand of Rs. 90,08,06,868/- may be stayed till the disposal of the appeal by the Tribunal. 4. On the other hand, the ld. DR submitted that stay shall not be granted in this case, as the assessee could not prove the financial difficulties. Without prejudice to the above, he submitted ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... atter where stay petitions are filed, the Departmental interest is also to be protected when there is a huge outstanding arrears payable by the assessee and in the interest of justice, suitable safeguards are to be made so that the tax demand is realized in time as the same forms part of the consolidated fund of the Union Government and other welfare activities of the State are curtained and therefore, the ld. DR prayed that keeping in mind the larger public interest, the Tribunal may be rejected the stay petition as devoid of merits and thus render justice. 5. We have heard both the parties and perused the material on record. Originally, in this case, the Assessing Officer granted stay asking to the assessee to pay 50% of the outstanding ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 15, at the request of the Revenue. Again on 6.8.2015, the same was adjourned to 27.8.2015. However, on 27.8.2015 the stay petitions are posted to 28.8.2015 and the appeals are posted to 8.10.2015. Now, the plea of the ld. AR is that absolute stay to be granted to the assessee as the assessee is Golden Egg laying Goose and immediate recovery of the outstanding disputed amount of tax would destroy the dayto- day operations of the assessee and the Department shall not destroy the tax paying assessee by creating such high-pitched demand, which is not sustainable in law. However, the assessee has not made out a case to establish that there exists financial stringency to pay the outstanding demand by instalments. Since, the assessee has not paid ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
