TMI Blog2017 (3) TMI 1820X X X X Extracts X X X X X X X X Extracts X X X X ..... policy, through the directives of the appropriate ministry - HELD THAT:- The Court notices that the AO applied the Board s office memorandum dated 29.02.2016 and has granted relief to the extent of 85% of the demand. However, having regard to the materials on record, it is quite clear that the amounts were deposited with the BARC not by way of investment or choice, but on account of a Central Gove ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e notice. Mr. Sanjay Kumar accepts notice for the respondents. With consent of the counsel, the petition is taken up for disposal. The petitioner is aggrieved by the AO s demand under Section 220 of the Income Tax Act, 1961 for the sum of ₹ 33,29,469/- constituting 85% of the total outstanding of ₹ 2,21,96,460/-. The petitioner s application for staying the demand is pending before ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... this peculiar circumstance warrants adoption of the policy, spelt out in para 4(D) of the memorandum dated 29.02.2016. The petitioner s appeal may, therefore, be decided by the concerned Appellate Commissioner within three months from today. Pending a final decision, no coercive steps shall be taken to enforce the demand. In the light of the above order, the petitioner shall ensure that the revie ..... X X X X Extracts X X X X X X X X Extracts X X X X
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