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TMI Blog2023 (5) TMI 476X X X X Extracts X X X X X X X X Extracts X X X X ..... 0269/2023 [Application filed on behalf of the petitioner seeking interim relief] 2. Issue notice. 2.1 Mr Zoheb Hossain, learned senior standing counsel, accepts notice on behalf of the respondents/revenue. 3. In view of the directions that we propose to pass, Mr Hossain says that he does not wish to file a counter-affidavit in the matter. 3.1 Therefore, with the consent of the learned counsel for the parties, the writ petition is taken up for hearing and final disposal, at this stage itself. 4. The principal grievance, which has been articulated before us by Mr S. Krishnan, who appears on behalf of the petitioner, is that the impugned order dated 08.04.2023, whereby the application for stay of the operation of demand notice has been re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ioner unable to meet the terms of the impugned order, the demand itself is, prima facie, substantially unsustainable. 8.1 It is Mr Krishnan's contention, that the value of the total assets available with the petitioner is approximately Rs. 21.91 crores, and that it has a turnover of nearly Rs. 2.15 crores. 8.2 It is also Mr Krishnan's contention, that the petitioner, presently, has a negative net worth. It is emphasised, that its current liabilities, nearly, amount to Rs. 99 crores. 9. We may note, that the petitioner had indicated in its reply, that a substantial part of the addition was unsustainable. 10. A perusal of paragraph 10 of the petitioner's application, which is marked as Annexure-P5 and is appended on page 40 of the case fi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oncerned authority also needs to bear in mind, the dicta of the Supreme Court in PCIT vs. M/s LG Electronics India Pvt. Ltd. (2018) 18 SCC 447. The requirement to deposit 20% of the demand is not cast in stone. It can be scaled down in a given set of facts. 13. Thus, for the aforesaid reasons, we are inclined to set aside the order dated 08.04.2023. It is ordered accordingly. 14. The PCIT, as suggested by Mr Hossain, will carry out the de novo exercise, and take a decision on the application for stay preferred by the petitioner. 14.1 The PCIT will grant personal hearing to the authorised representative of the petitioner. In this behalf, the PCIT will issue notice to the petitioner, indicating the date and time of the hearing. 14.2 Needl ..... X X X X Extracts X X X X X X X X Extracts X X X X
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