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2018 (3) TMI 729

ent year also the same issues have been considered and decided. The Department filed appeals before Hon’ble Delhi High Court on which one of the issue have been admitted by the Hon’ble Delhi High Court in the Departmental Appeals. The appeal of assessee for A.Y. 2012- 2013 is pending consideration before the ITAT, Delhi Bench, in which interim stay have been granted in favour of the assessee without any condition. The assessee also filed writ petitions for both the assessment years under reference before the Hon’ble Delhi High Court for grant of interim relief during the Court holiday in which also the Hon’ble Delhi High Court has granted interim relief in favour of the assessee - Considering all we direct that outstanding demand for bo .....

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(Rs) Disallowance of Lease Rentals to the extent of credits amortized. 3,66,32 13,778 77,84,23,653 37,72,83,692 1,15,57,07,345 Disallowance on account of Supplement lease rental for lease agreements executed prior to 01st April, 2007. 27,27,45,720 5,79,57,775 2,80,90,775 8,60,48,549 Disallowance on account of Supplement lease rental for lease agreements executed prior to 01st April, 2007. 5,07,89,21,322 1,07,92,57,921 52,30,91,008 1,60,23,48,930 Disallowance of claim for set-off of brought forward business loss and unabsorbed depreciation of A.Y. 2012-13. 1,70,30,33,727 36,18,90,355 17,53,99,770 53,72,90,124 Total 10,71,79,14,547 2,27,75,29,704 1,10,38,65,244 3,38,13,94,948 3.1. The Learned Counsel for the Assessee submitted that on first .....

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ed a chart of the same and submitted that if the order of the Tribunal for earlier years are applied, then, there would be a refund of ₹ 38.70 crores. The chart filed by the Learned Counsel for the Assessee is reproduced as under : Particulars Amount (in INR) Returned Loss (45456,85,822) Additions/ disallowances made/sustained by CIT(A): (a) Lease rentals disallowed u/s 37(1) 39205,55,831 (b) SR for lease agreements executed prior to April 01, 2007 83,36,971 (c ) SR for lease agreements executed after April 01, 2007 63806,22,760 Total 57638,29,740 Particulars Amount (in INR) Income as per Appeal Effect order (copy at page 216-217 of stay petition) 57638,29,740 Less : (i) If dissallowance of Lease Rentals made by CIT(A) u/s 37(1) {foll .....

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x assessments of the Petitioner for the Assessment Years ( AY ) 2013-14 and 2014-15. A short issue has made the Petitioner rush to this Court for interim relief during a Court holiday. We have been requested by the orders of the Hon ble the Acting Chief Justice to hold a special sitting for this purpose. 3. The Petitioner is in appeal before the Income Tax Appellate Tribunal ( ITAT ) aggrieved by two orders of the Commissioner of Income Tax (Appeals) [ CIT (A) ] partly confirming the demand against the Petitioner for aforementioned two AYs. Appeal effect was given to the said orders and the resultant demand was communicated on 21st February 2018. The Petitioner then filed appeals before the ITAT on 26th February 2018 and its stay applicatio .....

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. Order dasti to the parties under signature of the Court Master. 3.4. Learned Counsel for the Assessee further submitted that the assessee has a prima facie case for grant of absolute stay. Balance of convenience also lies in favour of the assessee and assessee is willing to argue the appeals on out of turn basis . Learned Counsel for the Assessee also submitted that apart from assessee has a good prima facie case for grant of absolute stay in both the assessment years, assessee is willing to deposit ₹ 10 crores to the Revenue Department in A.Y. 2013-2014. 4. On the other hand, Ld. D.R. submitted that in case stay is granted, the assessee may be directed to pay atleast 50% of the outstanding demand. 5. We have considered the rival co .....

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