2000 (2) TMI 196

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.... 1996-97 and 1997-98 amounting to Rs. 6,48,495 and Rs. 20,52,803 + interest under s. 220(2) be stayed and the appeal be heard out of turn. 2. The brief facts of the case are that the assessee is a company incorporated on 11th May, 1994, for development and export of software. Since assessee is 100 per cent export-oriented-unit and established in a notified free trade zone, therefore, according to....

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....er s. 143(3)/263 on a total income of Rs. 8,62,950 and Rs. 29,51,050. The assessee filed appeals against the orders passed under s. 263 before the Tribunal on 21st Jan., 2000, challenging the action of the CIT. 3. At the time of hearing it was submitted by the learned authorised representative that the interest income is not taxable. He further submitted that according to the CBDT circular and ju....

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....letter issued on behalf of the CIT, Jaipur, on 8th Feb., 2000. The learned Departmental Representative, therefore, urged that since the assessee has already agreed to pay the whole demand by 15th March, 2000, therefore, the assessee shall not approach the Hon'ble Tribunal for stay of the demand. 5. We have carefully considered the rival submissions of the parties and we find that in this case the....