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of <h1>Court allows Petitioner's revised deposit plan with conditions. Stay granted pending appeal. Rental recovery until full deposit.</h1> <h3>Bombay Rayons Holding Ltd., Versus The Income Tax Officer, Ward-9 (2) (2) & Others</h3> Bombay Rayons Holding Ltd., Versus The Income Tax Officer, Ward-9 (2) (2) & Others - TMI Issues:Petitioner seeks additional time to deposit a total of Rs. 10 Crores as directed by the Income Tax Appellate Tribunal for stay against recoveries pending appeals.Analysis:The Petitioner had appealed challenging assessments for the years 2009-10 to 2014-15, with a total tax demand of Rs. 195,41,87,006, including interest. The Tribunal had ordered the Petitioner to deposit Rs. 10 Crores in three installments by specific dates to enjoy a stay on recoveries. However, the Petitioner failed to deposit the installments, leading to the Tribunal vacating the stay on the Revenue's application.The Petitioner claimed a lack of resources for the deposit but proposed a revised schedule with the assistance of the parent company. The Revenue opposed, arguing that the Petitioner had sufficient time. The Court directed the Petitioner to submit a revised timetable, which was done, suggesting a schedule for meeting the deposit requirements.The Court accepted the revised time frame for depositing Rs. 10 Crores, subject to conditions. The Petitioner's parent company was expected to receive a subsidy of Rs. 48 Crores, and upon receipt, the Petitioner was to deposit the full amount minus what was already recovered by the department. Failure to make any installment payment would allow the department to proceed with recoveries.The Court disposed of the petition with directions: the Petitioner to act as per the deposit schedule, file an undertaking, deposit the full amount upon subsidy receipt, and face consequences for default. The stay against recovery was granted pending appeals, with the condition of depositing Rs. 10 Crores. The department could recover rental amounts until the full deposit was made. Once the full amount was deposited, either party could request a hearing date from the Tribunal.
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