TMI Blog2017 (11) TMI 1609X X X X Extracts X X X X X X X X Extracts X X X X ..... guments before the Appellate Tribunal and balancing the equities on both sides, the petitioner is directed to retain a balance of another 20% in Account No.0037238007 maintained with CITI Bank, M.G.Road Branch, Bengaluru-560 001. The said balance is rounded off to ₹ 26,00,00,000/- (Rupees twenty six crore only) shall be maintained pending disposal of the appeal by the Appellate Tribunal. It is directed that the respondent shall not take further steps pursuant to order dated 15/11/2017 (Annexure-H) and notice dated 20/11/2017 till the disposal of the appeal by the Appellate Tribunal.- - Writ Petition Nos. 52358-52359/2017 (T-IT) - - - Dated:- 22-11-2017 - MRS. B.V. NAGARATHNA, J. For The Petitioner : Deepak Chopra, Aditya Vikra ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ended from time to time, but when an application for further extension of stay was made by the petitioner, the Appellate Tribunal held that there was no prima facie case, financial hardship or irreparable injury so as to grant any further extension of stay. Learned counsel submits that the Appellate Tribunal was not right in not extending the stay and by holding that the assessee/company had not made out a case for stay of the demand and thereby dismissing the application. As a result, the appeal itself would be rendereed infructuous. 4. Drawing my attention to an order passed by the Division Bench of this Court, on 16/11/2017, in ITA No.879/2017, learned counsel for the petitioner submits that despite earlier orders passed by the Appell ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... enue draws my attention to the judgment of the Hon ble Supreme Court in the case of Assistant Collector of Central Excise, Chandan Nagar, West Bengal v. Dunlop India Ltd. others [(1985)2 SCC 260] to contend that in a petition under Article 226, interim orders cannot be made nor can any protective orders be made in favour of erring assessees and against the revenue and that this Court may not entertain any submission made by the petitioner seeking protective orders. He submits that once the Appellate Tribunal has exercised its discretion to discontinue the interim stay granted by it earlier, this Court cannot substitute its discretion and grant protective orders in favour of the petitioner. He would also submit that the appeal before t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 00,00,000/- (Rupees one hundred and twenty nine crore only). It is an admitted fact that a sum of ₹ 70,00,00,000/- (Rupees seventy crore only) is deposited by the petitioner which amounts to about 55% of the outstanding demand. In order to further protect the interest of the revenue and keeping in mind the fact that the appeal is slated for final arguments before the Appellate Tribunal and balancing the equities on both sides, the petitioner is directed to retain a balance of another 20% in Account No.0037238007 maintained with CITI Bank, M.G.Road Branch, Bengaluru-560 001. The said balance is rounded off to ₹ 26,00,00,000/- (Rupees twenty six crore only) shall be maintained pending disposal of the appeal by the Appellate Tribun ..... X X X X Extracts X X X X X X X X Extracts X X X X
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