https://www.taxtmi.com/caselaws?id=403430 The Tribunal dismissed the trust's stay application for an outstanding demand of Rs. 14,41,78,220 for the assessment year 2017-18. The trust, claiming exemption under section 11 of the Income Tax Act, had its exemption denied due to not filing the return of income within the specified due date. The Assessing Officer disallowed the exempted income citing violations of relevant sections. Despite citing genuine hardship and weak financial condition, the Tribunal rejected the stay application as the assessee was unable to deposit 20% of the disputed tax, but scheduled an out-of-turn hearing for the appeal. en-us Fri, 08 Jan 2021 00:00:00 +0530 Fri, 29 Jan 2021 13:31:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=403430 The Tribunal dismissed the trust's stay application for an outstanding demand of Rs. 14,41,78,220 for the assessment year 2017-18. The trust, claiming exemption under section 11 of the Income Tax Act, had its exemption denied due to not filing the return of income within the specified due date. The Assessing Officer disallowed the exempted income citing violations of relevant sections. Despite citing genuine hardship and weak financial condition, the Tribunal rejected the stay application as the assessee was unable to deposit 20% of the disputed tax, but scheduled an out-of-turn hearing for the appeal. Case-Laws Income Tax Fri, 08 Jan 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=403430