ITAT grants Stay Petitions for assessment years 2008-2009 and 2009-2010, directs Assessing Officer on demand .

The ITAT granted the assessee's Stay Petitions for assessment years 2008-2009 and 2009-2010, directing the Assessing Officer to stay any remaining demand after implementing the CIT(A) order. The stay was for 180 days or until the appeal disposal by the ITAT, whichever is earlier. Appeals were scheduled to be heard on 14th December 2011.

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Issues involved: Stay of demand for assessment years 2008-2009 and 2009-2010.

Summary:
The assessee requested stay of demand for &8377; 83,69,094/- and &8377; 2,41,93,478/- for A.Y.2008-2009 and 2009-2010 respectively. The counsel argued that the department had not given effect to the order of the CIT(A), and if done, there would be no outstanding demand against the assessee. The Departmental Representative contended that the assessee, being a cash-rich company, should pay the outstanding demand. The ITAT reviewed the tax payments made by the assessee and the outstanding demands for both assessment years. It was noted that a significant portion of the demands had already been paid by the assessee. The ITAT directed the Assessing Officer to stay any remaining demand after giving effect to the CIT(A) order. The stay was granted for 180 days or until the appeal disposal by the ITAT, whichever is earlier.

In conclusion, the assessee's Stay Petitions were allowed, and the appeals were scheduled to be heard on 14th December 2011.

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