2012 (3) TMI 288

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....ommissioner of Income Tax, Range 7, Pune, rejecting applications for stay of a demand for Assessment Years 200809 and 200910. 3. For both the Assessment Years in question assessment proceedings were completed under Section 143(3) of the Income Tax Act, 1961. There is a demand of Rs.5.76 Crores, based on the orders of assessment of which the principal amount due on account of tax is Rs.4.53 Crores and interest in the amount of Rs.1.23 Crores. (a chart showing the bifurcation has been placed on the record by Counsel appearing on behalf of the Petitioner.) A refund in the amount of Rs.2.67 Crores was due to the Petitioner for Assessment Year 201112. The Petitioner has filed appeals before the Commissioner of Income Tax (Appeals) against the o....

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.... 226(3). The amendment may be carried out forthwith. Verification dispensed with. 5. Counsel appearing on behalf of the Petitioner submits that ( i) Absolutely no reasons have been indicated by the ACIT for rejecting the applications for stay of demand contrary to the law laid down by this Court; (ii) Out of a total demand of Rs.5.76 Crores for the two Assessment Years, an amount of Rs.2.67 Crores has already been adjusted against the refund due for Assessment Year 201112 leaving a balance outstanding of Rs.3.08 Crores; (iii) The appeals filed by the Petitioner for Assessment Years 200607 and 200708 were heard by the CIT (Appeals) in September 2010, but the orders are still awaited. The outcome of those appeals would substantially gover....