Court Orders Installment Payments, Attaches Bank Account for Default, Sets Conditions for Stay of Recovery

The Court directed the Petitioner to make payments in installments, but due to defaults in complying with the payment schedule, the stay of recovery of demand was vacated, and the Bank Account of the Petitioner was attached. Further directions were given for additional payments and stay of recovery pending appeal disposal. The Court considered defaults in payments by the Petitioner and directed further deposits to safeguard the interest of the Revenue pending appeal disposal, with specific payment deadlines and conditions to be met to stay recovery of the balance demand. The Court's directions included timelines for depositing installments, conditions for stay of recovery, and lifting the attachment on the Bank Account upon compliance.

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Issues:
1. Assessment order for A.Y. 2009-10 passed by Assessing Officer under Section 143(3) of the Income Tax Act, 1961.
2. Appeal filed by Petitioner before C.I.T.(A) against the assessment order.
3. Stay of recovery of demand and payment schedule for outstanding dues.
4. Compliance with payment schedule and subsequent attachment of Bank Account.
5. Argument regarding consideration of application for stay of demand.
6. Directions by the Court for further deposits pending appeal disposal.

Analysis:

1. The Assessing Officer passed an assessment order for the Assessment Year 2009-10 under Section 143(3) of the Income Tax Act, 1961, determining the total income of the assessee at Rs.231 crores, with a demand raised on the assessee for Rs.107.33 crores.

2. The Petitioner filed an appeal before the C.I.T.(A) against the assessment order, with the appeal being heard and the order reserved on 8 March 2013.

3. The Court directed the Petitioner to make payments in installments, but due to defaults in complying with the payment schedule, the stay of recovery of demand was vacated, and the Bank Account of the Petitioner was attached. Further directions were given for additional payments and stay of recovery pending appeal disposal.

4. The Petitioner raised grievances regarding the attachment of the Bank Account and argued that the application for stay of demand was not considered in accordance with previous Court directions.

5. The Court considered the facts of the case, noting defaults in payments by the Petitioner and directed further deposits to safeguard the interest of the Revenue pending appeal disposal, with specific payment deadlines and conditions to be met to stay recovery of the balance demand.

6. The Court's directions included timelines for depositing installments, conditions for stay of recovery, and lifting the attachment on the Bank Account upon compliance. Any default in payment would result in immediate recoverability of the balance demand in accordance with the law.

This detailed analysis covers the issues involved in the legal judgment, providing a comprehensive understanding of the Court's directions and decisions regarding the assessment order, appeal, payment schedule, and stay of recovery of demand.

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