TaxTMI 
TaxTMI 
2011 (4) TMI 881
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....at 'nil'. The assessment was completed on a total income of Rs. 6,31,95,51,513/-. The aggregate demand pursuant to the assessment order passed for the year under consideration is as follows:- Particulars Amount Rs. Total addition/disallowance made by the Assessing Officer while computing profits eligible for deduction u/s 80IA 631,95,51,513 Tax payable thereon (since Assessing Officer has disallowed deduction u/s 80IA) 212,71,61,039 Interest (after adjustment of interest already paid) 84,54,93,200 Total tax and interest payable 297,26,54,239 2. The assessee is in appeal before the Tribunal against the said order of Assessing Officer against order passed u/s 143(3) r.w.s. 144C(13) of the Act. ....
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....ted out by the Ld. AR that in case the deduction claimed u/s 80IA of the Income Tax Act is allowed to the assessee than the income shall be reduced substantially, even if no deduction u/s 80IA is allowed to the assessee on certain misc. income. It was claimed by Ld. AR that then the income tax is to be computed under the Mat provisions, as the book profits declared by the assessee would be higher than the income computed under the normal provisions of the Act. The calculation of book profit u/s 115JB of the Act and corresponding tax liability as computed by the assessee as per calculation at page 812 of the paper book are as under:- Issue Amount (Rs.) Actual allowances assessment year 2006-07 Book profit as declared by th....
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....n. It was further pointed out that the issue stands covered by Ahemedabad Bench of the Tribunal the order in Asstt. CIT v Vodafone Essar gujarat Ltd (Ahd) [(2010) 38 SOT 51 (Ahd.)]. 6. The Ld. AR for the assessee further pointed out that the assessee on the receipt of the assessment order had moved an application for stay of demand before the Assessing Officer on 28.2.2011 and similar applications was also moved before CCIT on 28.2.2011, which are placed at pages 723 to 732 of the paper book. The first notice was issued by the CCIT on 17.3.2011 which is placed at page 733 of the paper book in which the assessee was directed to appear before the CCIT on 23.3.2011, as against 28.3.2011. The said notice was received by the assessee o....
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....'ble Punjab and Haryana High Court on 30.3.2011. The Hon'ble Court observed that as under the provisions of section 220(6) of the Act, the power to grant stay lies with the Assessing Officer and the CCIT has no power to reject/order granting the stay of demand. Accordingly, the Assessing Officer was directed to dispose of the stay application after affording an opportunity of hearing to the assessee. In compliance of the same, the Assessing Officer issued a notice on 31.3.2011 itself directing the assessee to appear at 2.30 PM on 31.3.2011. The copy of the said notice is placed assessment page 739 of the paper book. In reply, the assessee vide its letter dated 31.3.2011 though asked for the stay of the demand but also offered to deposit Rs.....
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....e balance of the demand be stayed. 7. The Ld. DR for the Revenue has not contested any of the factual matrix pointed out by the Ld. representative for the assessee but has pressed that the main addition was made pursuant to the order passed u/s 143(3) read with Section 144C of the Act. The Ld. DR however opposed the prayer seeking stay of the recovery of outstanding demand. 8. We have considered the rival submissions carefully. The dispute revolves around the denial of deduction u/s 80IA of the Act and other additions/disallowance made by the Assessing Officer vide order passed u/s 143(3) read with Section 144C of the Act. The case of the assessee is that with regard to the allowance of deduction u/s 80IA of the Act, the....