2012 (11) TMI 320

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....dya, CIT.D.R. O R D E R PER : T.R.Meena, Accountant Member The appellant is a Limited Company engaged in the business of manufacturing of sprinkler irrigation and drip irrigation P.P. valves and HDPE pipes used for irrigation purposes. The return of income for A.Y. 07-08 was filed on 31.10.2007 showing total income at Rs.1,33,69,460/- after claiming deduction of Rs.2,47,58,221/- u/s.80(IA....

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....paid of Rs.60,00,000/- which is 70% of Rs.85,59,595/-. 2. The ld. A.O. completed assessment in A.Y. 09-10 on 23.03.2011 and created demand of Rs.3,16,65,698/-. The tax calculation is as under:     Rs. Demand as per assessment order u/s 143(3) Without interest u/s 234B & 234C   3,16,65,698/- Less:     TDS 11,52,566/-   Advance ....

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....tion u/s. 80 (IA)(4) of the I.T. Act in both the years. The assessee's claim that its case is arguable and it is a fit case for staying of the outstanding demand. After considering the facts of the case, we stay the demand till the disposal of appeal which are coming up for hearing of 17.10.2012 in all the assessment years i.e. A.Y. 07-08, 08-09 & 09-10 or for the six month from the order of stay ....