2012 (10) TMI 253

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...., Advocate for   Mr. Akshay Bhan, Advocate for the petitioner.   Ms. Savita Saxena, Advocate for the respondents.   SURYA KANT, J. (ORAL)   The Patiala Urban Planning and Development Authority, Patiala, is aggrieved by the notice dated 14.3.2012 (Annexure P-10) issued under Section 226 (3) of the Income Tax Act (for short 'the Act') raising demand of Rs. 19,32,36,47....

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....Tax (Appeals). A copy of the grounds of appeal has also been placed on record (Annexure P-6). In our considered view the effect of exemption granted or claimed by the petitioner-Authority pursuant to order dated 28.9.2005 (Annexure P-4) can be raised by the petitioner before the Appellate Authority who shall be obligated to consider the same while deciding the petitioner's appeal. Similarly, th....

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....tivities. Mr. Alok Mittal, counsel for the petitioner-Authority points out that FDRs amount to over Rs. 90 crores whereas the demand raised against the petitioner is about Rs. 20 crores only. He further submits that some of the FDRs would be required to be encashed to discharge the due tax liability for the next assessment year and to perform other statutory responsibilities. Keeping the facts ....