2014 (5) TMI 361

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... : C. S. C./Income Tax ORDER The petition arises in the context of Assessment Year 2011-12. The petitioner is a statutory authority constituted under the U.P. Urban Planning and Development Act, 1973. The petitioner filed its return of income declaring nil income. The Assessing Officer passed an order of assessment on 27 March 2014 assessing the total income at Rs.74.77 crores resulting in a....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....on 24 September 2003. The registration was cancelled by the CIT (Agra)-I on 4 April 2012 but, in appeal, the appellate authority set aside the decision and restored the registration. The revenue has filed an appeal, which is pending before this Court. Learned counsel appearing for the petitioner has submitted that, in the present case, the assessment has been increased manifold, which has resul....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....rity does not engage in any commercial activities. In our view, it would not be appropriate for this Court to express a final opinion on the merits of the issues raised, particularly having regard to the fact that the appeal before the CIT is still to be taken up for hearing. The only issue is as to whether pending the disposal of the stay application, the petitioner should be granted a blanket....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ending the disposal of the stay application before the CIT (A). The aforesaid direction would, in our view, sufficiently protect the interest of the revenue and at the same would secure a measure of fairness to the assessee having regard to the contentions which will merit consideration in the appeal. Accordingly, we direct that in the event the petitioner deposits an amount of Rs.6 crores with....