2012 (7) TMI 154

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....x liability of Rs.1,18,78,606/-(Rupees one crore eighteen lakhs seventy eight thousand six hundred and six), which is stated as satisfied. However, the assessing authority, being dissatisfied, proceeded with further steps and passed Ext.P1 order re-fixing the annual income as Rs.7,98,33,274/-(Rupees seven crores ninety eight lakhs thirty three thousand two hundred and seventy four), casting a much higher burden of tax which made the petitioner to challenge the same by filing Ext.P2 appeal along with Ext.P3 petition for stay before the appellate authority. 2. Though the petitioner approached the concerned authority by filing a petition under Section 220(6) of the Income Tax Act, the petitioner was directed to satisfy 50% of the balance am....

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....pondents submits on instructions that the idea and understanding of the petitioner as to the applicability of the Circular issued in 1982 is quite wrong and misconceived. The learned Standing Counsel submits that the Circular sought to be relied on by the petitioner is an obsolete one, which is no more in existence. It is stated that the actual Circular that governs the field as on date, is Circular No.1914 dated 2.12.1993, a copy of which is placed for consideration before this Court. The learned counsel also submits that the applicability of the Circular and the "guidelines for granting interim stay" mentioned therein have already been highlighted by the respondents in a similar case (W.P.(C).No.13738/2012) which has been dealt with by th....