TMI Blog2017 (9) TMI 826X X X X Extracts X X X X X X X X Extracts X X X X ..... appeal has already commenced, there will be an order of interim stay of all further proceedings pursuant to the impugned order dated 04.9.2017 subject to the condition that the petitioner pays 15% of the income tax demanded i.e 15% of ₹ 1,58,18,050/-. It is stated that pursuant to the attachment of the petitioner's bank account, certain sums have already been realized by the Department. If that be so, then, whatever the amount that has already been realized shall be given credit to while arriving at the balance payable by the petitioner for complying with the above conditional order. The petitioner is directed to effect payment of the amount within a period of 90 days from the date of receipt of a copy of this order. If the petiti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 5.1.2017. Apart from other things in the appeal petition, the first ground raised by the petitioner is by contending that the Additional Commissioner of Income Tax - the second respondent herein has not given due opportunity to the petitioner to be heard before passing the directions under Section 144A of the said Act, which is prejudicial to the interests of the petitioner. 4. The learned counsel for the petitioner has drawn the attention of this Court to paragraph 3.3 of the assessment order dated 26.12.2016 wherein it has been stated that a reference under Section 144A of the said Act was solicited to the Additional Commissioner of Income Tax, Corporate Range-6, Chennai seeking directions/guidelines on the issue of share premium recei ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... observation with regard to the effect of decisions of the High Court as well as the Hon'ble Supreme Court is incorrect. The first respondent ought to have seen what was the ratio decidendi in the judgment and the first respondent is not justified in brushing aside the judgment stating that there were in writ proceedings. The observations made go contrary to the settled law of precedents and as to how a judgment should be made applicable to the facts and circumstances of a particular case. Be that as it may, it is to be seen as to whether the petitioner can be granted any indulgence at this juncture. 9. The learned counsel for the petitioner submits that the appeal filed before the third respondent has been taken up for hearing and th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .e 15% of ₹ 1,58,18,050/-. It is stated that pursuant to the attachment of the petitioner's bank account, certain sums have already been realized by the Department. If that be so, then, whatever the amount that has already been realized shall be given credit to while arriving at the balance payable by the petitioner for complying with the above conditional order. The petitioner is directed to effect payment of the amount within a period of 90 days from the date of receipt of a copy of this order. If the petitioner fails to pay the said amount within the time stipulated, it is open to the first respondent to proceed further in accordance with law. As it has already been stated that the Commissioner of Income Tax (Appeals) has comme ..... X X X X Extracts X X X X X X X X Extracts X X X X
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