https://www.taxtmi.com/caselaws?id=378933 The Tribunal granted a stay on the recovery of an outstanding demand of Rs. 55,38,956 under section 143(3) of the Income Tax Act, related to unexplained cash credit. The assessee, a partnership firm, provided evidence to support the cash credits and demonstrated financial hardship. The Tribunal ordered a deposit of Rs. 20,00,000 in two installments, keeping the demand in abeyance until appeal disposal or for six months, and set an expedited hearing date. The Tribunal warned against seeking adjournments during the appeal, with potential revocation of the stay order. Ultimately, the Stay Petition was allowed with detailed compliance instructions. en-us Fri, 22 Feb 2019 00:00:00 +0530 Wed, 24 Apr 2019 09:14:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=378933 The Tribunal granted a stay on the recovery of an outstanding demand of Rs. 55,38,956 under section 143(3) of the Income Tax Act, related to unexplained cash credit. The assessee, a partnership firm, provided evidence to support the cash credits and demonstrated financial hardship. The Tribunal ordered a deposit of Rs. 20,00,000 in two installments, keeping the demand in abeyance until appeal disposal or for six months, and set an expedited hearing date. The Tribunal warned against seeking adjournments during the appeal, with potential revocation of the stay order. Ultimately, the Stay Petition was allowed with detailed compliance instructions. Case-Laws Income Tax Fri, 22 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=378933