2013 (4) TMI 196

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....issioner of Income Tax, Delhi-XI, whereby the petitioner's application seeking stay of demand for the assessment year 2010-11 has been disposed of by directing the petitioner to deposit 50% out of the balance demand of Rs. 22 crores, after giving adjustments for refunds due and the tax in relation to covered issues. 4. The Assessing Officer had framed an assessment, whereby a demand of Rs.37.21 crores was raised against the petitioner. The petitioner has filed an appeal before the Commissioner of Income Tax and had also filed an application for stay before the Assessing Officer. The Assessing Officer rejected the application for stay and that is how the petitioner was before the Commissioner of Income Tax with regard to the stay of the sai....

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....rew our attention to the decision of this Court in Nokia Corporation v. DIT (International Taxation): 292 ITR 22 (Del). In that decision, this Court had observed as under:-    "What has apparently come in the way of the Commissioner of Income Tax (Appeals) is the impression carried by him (and which has been articulated by learned Counsel for the Revenue) that each assessment year has to be treated as independent of the other and, Therefore, the Commissioner of Income Tax (Appeals) took the assessment year 2003-04 by itself and applying the decision of the Special Bench of the Tribunal granted relief to the petitioner by requiring a deposit of only Rs. 4.86 crores. This is, of course, one possible way of looking at the issue. How....