TMI Blog2022 (3) TMI 1141X X X X Extracts X X X X X X X X Extracts X X X X ..... dictional High Court is in favour of the assessee. In fact the Supreme Court in the case of PCIT vs. M/s LG Electronics India Pvt. Ltd. [ 2018 (7) TMI 1905 - SC ORDER ] has held that tax authorities are eligible to grant stay on deposit of amounts lesser than twenty percent of the disputed demand in the facts and circumstances of a case. In the present case, the impugned orders are non-reasoned orders. Neither the Assessing Officer nor the CIT have considered three basic principles i.e. the prima facie case, balance of convenience and irreparable injury while deciding the stay applications. The impugned orders and notices are set aside and the matter is remanded back to the Commissioner of Income Tax for fresh adjudication in t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Act against the Petitioner which culminated in passing the order dated 12th November, 2021 vide which the transaction of purchase of shares undertaken by the Petitioner was re characterised as purchase of depreciable assets and short-term capital gain was computed, pursuant to which a demand of ₹ 33,03,55,413/-was raised on the Petitioner. 3. Learned counsel for the Petitioner states that aggrieved by the order dated 12th November, 2021, the Petitioner filed an appeal before CIT(A) and also preferred an application before the Assessing Officer under Section 220(6) of the Act seeking a stay on recovery of demand raised pursuant to the impugned order. He states that the Assessing Officer vide the impugned order dated 28th January, 2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Office Memorandums, in question, this Court is of the view that the requirement of payment of twenty percent of disputed tax demand is not a pre-requisite for putting in abeyance recovery of demand pending first appeal in all cases. The said pre-condition of deposit of twenty percent of the demand can be relaxed in appropriate cases. Even the Office Memorandum dated 29th February, 2016 gives instances like where addition on the same issue has been deleted by the appellate authorities in earlier years or where the decision of the Supreme Court or jurisdictional High Court is in favour of the assessee. 7. In fact the Supreme Court in the case of PCIT vs. M/s LG Electronics India Pvt. Ltd. 2018 SCC 447 has held that tax authorities are ..... X X X X Extracts X X X X X X X X Extracts X X X X
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