TaxTMI 
TaxTMI 
2007 (3) TMI 312
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....d outstanding is calculated as under: Particulars Asst. yr. 2003-04 Income as per assessment order 87,36,40,944 Less: Relief by CIT(A) order 25,40,20,351 Income under s. 250 of the Act 61,96,20,593 Tax at the rate of 35%  ....
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....bsp; 5,09,35,197 to the CIT(A) order 2.2 The demand has arisen in view of the various adjustments made in respect of international transactions by the petitioner with its associated enterprises. The adjustments made have resulted into addition to the income declared by sum of Rs. 56.70 crores. 2.3 Learned senior counsel Shri M.S. Syali contended that the stay is requested on the basis that the assessee has a prima facie case in its favour. It will create undue hardship if such amount is not stayed from recovery proceedings. Though the financial hardship is not questioned yet it will have a repetitive effect year after year. He accordingly pleaded that since the balance of convenience lies in favour of petitioner, ....
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....hen the assessee moved the petition before the CIT, the CIT had granted stay subject to payment of a sum of Rs. 3 crores before 12th March, 2007 and has also promised to review the situation after such payment is made. He further submitted that since the demand has been confirmed even by learned CIT(A) and in absence of any prima facie case, no absolute stay of recovery of outstanding demand be granted. The assessee is not pleading financial hardship. The public interest takes precedence over assessee's interest. He accordingly submitted that the petition may be dismissed. 3. We have considered relevant facts and arguments advanced. We find that out of the total demand of Rs. 15.08 crores, the assessee has paid Rs. 14 crores. Even the re....