2014 (1) TMI 390

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....ication the assessee seeks to get the stay of outstanding demand amounting to Rs 18,87,67,930 for assessment year 2008-2009, till the final disposal of the appeal. 2. The facts of the present stay application indicate that originally this application was filed showing amounting of demand outstanding at Rs 18,87,67,930. The case came up for hearing on an earlier occasion. It was adjourned at the r....

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....cate amounting to Rs 8.57 crore. The Assessing Officer passed order u/s 154, a copy of which is available on page 8 of the assessment order. After accepting the assesse's contention oncertain other issues, he reduced the total amount of outstanding demand to Rs 7,55,06,298. A copy of Notice of demand dated 18.01.2013 showing this amount as outstanding, is available on pages 5 to 7 of the paper boo....

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.... the Assessing Officer. A copy of challan dated 30.01.2013 is available on record. This shows that as against the revised demand of Rs 7.55 crore computed by the Assessing Officer pursuant to his rectification order u/s 154, a sum of Rs 50 lakh has already been paid. This leaves the demand outstanding at Rs 7.05 crore. The fact that the assesse has unadjusted TDS credit for the current year at Rs ....

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.... Rs 7.05 crore is obviously less than the said amount of Rs 8.57 crore, in our considered opinion the assesse cannot be pressed to deposit a further sum of Rs 2 crore as has been directed by the A.O. vide his order dated 23.01.2013. Considering the overall conspectus of the case, we grant stay of the remaining demand of Rs 7.05 crore till the disposal of appeal or for a period of 180 days from the....