TMI Blog2021 (10) TMI 512X X X X Extracts X X X X X X X X Extracts X X X X ..... sessee initially vide order dated 27-01-2020 on the condition that assessee would not press for issuance of refund amounting to ₹ 22,46,40,320/-. Subsequently, the stay granted earlier was extended vide order dated 26-02-2021 on the same conditions as were imposed earlier. Though, learned senior counsel for the assessee has pleaded for variation in the conditions of stay; however, we are not ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l Member) And Shri S.Rifaur Rahmen (Accountant Member) For the Applicant : Shri J.D. Mistry, ld.Senior Counsel For the Respondent : Shri Mehul Jain, DR ORDER PER SAKTIJIT DEY (JM) Captioned application has been filed by the assessee seeking extension of stay of recovery of outstanding demand relating to the assessment year 2015-16. 2. Shri J.D. Mistry, learned senior c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tification of the demand notice. However, he submitted, till date, the assessing officer has not taken any steps on the application filed by the assessee. On the contrary, he submitted, based on the demand raised as per the demand notice, the assessing officer has issued notices for penalty proceedings under various provisions of the Act. He submitted, since the outstanding tax liability of the as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 27-01-2020 on the condition that assessee would not press for issuance of refund amounting to ₹ 22,46,40,320/-. Subsequently, the stay granted earlier was extended vide order dated 26-02-2021 on the same conditions as were imposed earlier. Though, learned senior counsel for the assessee has pleaded for variation in the conditions of stay; however, we are not inclined to do so. Reason being, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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