TMI Blog2017 (10) TMI 229X X X X Extracts X X X X X X X X Extracts X X X X ..... peal whichever is earlier. The assessee shall not seek any adjournment except on cogent grounds in exceptional circumstances. In case the assessee seeks adjournment without any cogent reasons, the stay shall stand vacated. We would clarify that we have not commented on the merits of the impugned appeals. The AO is directed to verify the validity of corporate guarantee/undertaking issued by the assessee in terms of the order of the tribunal, in order to secure the interest of Revenue. - SA Nos. 393/Mum/2017, ITA No . 1121/Mum/2014, SA Nos. 394/Mum/2017 And ITA No . 1573/Mum/2015 - - - Dated:- 8-9-2017 - SHRI C N PRASAD, JUDICIAL MEMBER AND SHRI RAMIT KOCHAR, ACCOUNTANT MEMBER For The Applicant : Mr. Hiten Chande For The Responde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 6-07 and 2007-08, that appeal pertaining to the assessment year 2005-06 is pending for disposal before learned CIT(A), which is the initial assessment year for claiming deduction u/s 80IA of the Income-tax Act,1961 . It was noted by the tribunal that the appeals for AY 2008-09 to 2011-12 are pending before other benches of the Mumbai Tribunal . The AY 2005-06, is the first year for claiming deduction u/s 80IA which is pending before learned CIT(A), which needs to be adjudicated first for which tribunal issued advisory to all parties to dispose of appeal before learned CIT(A) before 27-06-2017. It is informed by learned counsel for the assessee before us that now learned CIT(A)- 14,Mumbai has decided the appeal for AY 2005-06 vide orders dat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tay petition as also what was stated by learned counsel for the assessee during the course of hearing, to be correct position on facts. 6. After hearing both the parties, we are of the considered view that the assessee has duly complied with the terms of stay of outstanding demand of tax and interest granted by the tribunal earlier vide orders in S.A no. 133/Mum/2017 arising out of 1121/Mum/2014 for assessment year 2009-10 and SA no. 134/Mum/2017 arising out of ITA no. 1573/Mum/2015 for assessment year 2010-11 respectively, vide common orders dated 10-03-2017. We have observed that the assessee is not in fault during the intervening period from the date of grant of stay on 10-03-2017 by tribunal till as of now and has complied with the t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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