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TMI Blog2003 (9) TMI 69X X X X Extracts X X X X X X X X Extracts X X X X ..... lhi, directing the petitioner to deposit the additional rectified demand of Rs. 138.02 crores in respect of the assessment year 2000-2001, within the specified time, is under challenge in this writ petition. Briefly stated, the material facts giving rise to the petition are as follows: On the completion of assessment for the aforementioned assessment year, an additional demand of Rs. 134 crores ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e said letter would invite action for recovery as per the procedure prescribed under the Act and the Board circulars. We have heard Mr. Chidambaram, learned senior counsel for the petitioner, and Mr. Sanjiv Khanna, learned senior standing counsel for the Revenue, who has put in appearance on advance notice. Assailing the order passed by the Assessing Officer, Mr. Chidambaram has submitted that i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Rs. 30 crores. Learned counsel would also urge that the amount deposited against the disputed demand in respect of the immediately preceding assessment year works out to less than 25 per cent. of the demand in dispute. Mr. Sanjiv Khanna, on the other hand, submits that having regard to the fact that the rectified additional demand against the petitioner is to the tune of Rs. 138 crores, the dire ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or before November 15, 2003, the respondent shall not take any coercive steps for the recovery of the balance demand in dispute till the petitioner's appeal is decided by the Commissioner of Income-tax (Appeals). At this juncture, Mr. Chidambaram also prays that the Tribunal should be directed to dispose of the petitioner's appeal for the assessment year 1999-2000, which is stated to be now liste ..... X X X X Extracts X X X X X X X X Extracts X X X X
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